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Asian Metals Market Update: October-19-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 19 October 2016 | Print  | Disqus 

The good thing for gold and silver is that they have managed to trade over key technical supports of $1236 and $1672. Investor’s attitude towards bullion has not changed. They exit on any hints of price reversals. If the UK pound starts paring some of the last quarter’s losses then gold still will target $1434 by next month. The next three trading sessions till Friday are very crucial for gold and silver. If they remain firm then a quick fire rocket rise will be there on a combination of technical breakout buying and shorts getting squeezed. Cautious optimism for now.


Every Diwali I tell me my clients whether to invest in gold and silver for next year’s Diwali or not. 2015 Diwali I had advised not to invest (in gold and silver) for this year Diwali and instead preferred Indian equities. This year I am advising to invest in silver for next Diwali. Gold will also give higher return next Diwali but unless there is expectation of a twenty percent rise over the next one year, Indian gold investors will not invest aggressively. Over the next twelve months, I do not foresee Indian prices falling below Rs.24700 (per ten grams) with Rs.33500 as key resistance.


COMEX GOLD DECEMBER 2016 – current price $1264.00

Bullish over $1254.20 with $1269.90 and $1282.90 as price target

Bearish below $1246.80 with $1242.20 and $1231.70 as price target.

Neutral Zone between: $1246.80-$1254.20

  • There will be a technical breakout over $1269.60 to $1288.30.
  • On the lower side $1256.90 is the key intraday support. Gold needs to trade over $1256.90 to prevent sellers from having the upper hand.
  • A daily close over $1269 today will trigger a short term bullish run in gold to $1295+
  • Jobbers watch $1256 and $1269 today.

MCX GOLD DECEMBER 2016 – previous day close Rs.29786

Gold needs to trade over 29700 today to rise to 30087 and 30213. A daily close over 29817 today will restart the bullish run to 30420 and 30976. Remain on the sidelines and go long only if gold trades over 29840 (either in the UK session or the US session) with a stop loss of 29730.

(prices in Indian Rupees above)

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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