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Asian Metals Market Update: November-3-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 3 November 2016 | Print  | Disqus 

The Fed meeting is over. December’s interest rate hike has already been priced in by the markets. Focus shifts to US elections and October nonfarm payrolls tomorrow. Technical is bullish for gold and silver. However for continuity of bullish trend gold and silver need to break and trade over $1309 and $1898. Short sellers are waiting for clues to short. Those who are long in gold and silver are nervous. I will prefer to use a trailing stop loss in gold and silver longs. For short sellers of gold and silver, I will prefer to reverse if key resistances are broken.


Energies are dictated by Opec news and other news. One should use the current fall and further fall (if any) in crude oil to invest for the long term. I expect US crude oil demand to fall from next month as election related travelling gets over. Large democratic nations like India and USA always sees a jump in crude oil consumption in election years. Asian demand for crude oil will rise till next year. Chinese demand for crude oil has bottomed out. Indian crude oil demand will rise. Electric vehicles are yet to get a mass reach. Unless that happens global crude oil demand will only rise.


COMEX SILVER DECEMBER 2016 – current price $1855.00

Bullish over $1868 with $1898-$1923-$1971 as price target

Bearish below $1825 with $1794-$1763 and $1727 as price target

Neutral Zone between: $1825-$1868

  • The next three days till Monday is very crucial for silver. Either it breaks and trades over $1898 or else it will fall to $1711 and $1576.
  • Trend is bullish. But continuity of bullish trend will be dependent on the ability to break and trade over $1868-$1898 zone.
  • Initial support is at $1825 and $1793 as key support. There will be sellers if silver trades below $1825 or in case silver does not break $1898 today.
  • Jobbers watch $1847 all the time.
  • Looks of signs of bearish trend reversal.

MCX SILVER DECEMBER 2016 – previous day close Rs.44079

Trend is neutral to bullish. There will be another wave of rise if and only if silver manages to trade over 44304 to 44875 and 45891. Initial support is at 43599. There will be sellers only below 43599 to 42905 and 42200. I prefer only if silver trades over 44304 with a stop loss of 43920 for 45445 and 45891.

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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