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Asian Metals Market Update: November-7-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 7 November 2016 | Print  | Disqus 

Breaking of key technical resistances is very important this week for gold and silver. I am not overtly concerned at who wins. Volatility will be there. But rise for gold and silver will be there only if they break and trade over key resistances at $1323.20 and $1934. Some traders and investors are thinking too much on the outcome of the US president election on their investment. They are trying to determine the impact of every small news and irrelevant news on their investment and worrying too much.


Cash is the king. There can be big “V” shaped movement in gold, silver or in equities and bonds. If you have the cash you can invest in the big knee jerks crashes. My experience is that most of us generally are unable to capitalize the “V” shaped movement as we are already invested.


The positive effects of US election spending on US economic growth can continue for a few months till January. US retail consumption and US jobs growth from February 2017 will determine the interest rate hike trend of Federal Reserve for 2017. (After the so called December interest rate hike, major change in US interest rate outlook will be there only in March 2017 meeting).


One thing that will not change irrespective of who becomes the US president is the wars in Middle East, North Africa, Ukraine/Eastern Europe. Escalation and not de-escalation will be there. CIA rules the world and not Trump or Clinton. CIA and unreported genocide are synonymous.


Under the new US president, the South China Sea will be converted into another Persian Gulf. China is the difference. Malaysia. Indonesia, Philippines are supporting China. Vietnam is taking the help of India and Russia to counter China. The USA is trying to be friendly with India after its interest in South China Sea started rising. We Indian leadership are bloody idiots who taking the American bait. (a) Global Trade isolation in the form of “trade sanctions” with China or its allies will fail (b) Chinese army is capable and large enough to counter American F-22 and F35 and its aircraft carriers. So the trick used in Middle East and Eastern Europe will not work in South China Sea.


COMEX GOLD DECEMBER 2016 – current price $1292.20

Bullish over $1300.40 with $1306.40 and $1318.70 as price target

Bearish below $1290.20 with $1282.90 and $1264.80 as price target.

Neutral Zone between: $1290.20-$1300.40

  • Gold can fall to $1282.90 as long as it trades below $1301.
  • There is a technical congestion between (a) $1282-$1290 (b) $1306-$1311 zone. Trend is neutral to bearish. But big moves only a break of either to the two price zones.
  • Jobbers watch $1290 and $1300 today.

COMEX COPPER DECEMBER 2016 – current price $228.00

Bullish over $225.30 with $230.90 and $237.10 as price target

Bearish below $222.10 with $219.70 and $216.00 as price target

Neutral Zone between: $222.10-$225.30

  • Key resistance is at $230.90. There will be a technical breakout over $230.90 to $237 and $245.90
  • Trend is bullish. But watch for signs of trend reversal.

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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