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Asian Metals Market Update: November-29-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 29 November 2016 | Print  | Disqus 

If you look at the internet, I read some comments that gold is broken and that it can never recover. Hyper bearish stooges giving comments not to invest in gold. I have always emphasized on the need to invest in physical gold for the long term and never in ETF’s or futures. In India the government announced a demonetization scheme (I personally support the scheme) and people were out of cash suddenly. Investment in physical gold ensures that one can sell gold and manage the temporary cash needs. In war torn Middle East, physical gold is the best form of survival. Gold as a long term investment will always shine.


However people want a quick return. Gold should never be used as a short term investment tool unless momentum and technicals favor it. Gold would have been at $1600 had India not announced a demonetization scheme (after Trump’s election). Over the coming years I foresee a very unstable political Europe. China despite supporting Pakistan, it internally faces uprising by local radical Islamic population. Short term no. Long term yes but very small percentage of your capital.


COMEX GOLD DECEMBER 2016 – current price $1192.20

Bullish over $1188.50 with $1200.50 and $1222.10 as price target

Bearish below $1167.90 with $1156.20 and $1144.60 as price target.

Neutral Zone between: $1167.90-$1188.50

  • Key weekly support is at $1156.20. Key weekly resistance is at $1222.10
  • Gold can rise to $1222.10 and $1256.20 as long as it trades over $1156.
  • Big crash to $1096 and $1044 if gold does not break and trade over $1222.10 by 5th December.
  • Selling preferable only when there is a confirmed trend reversal.

COMEX SILVER DECEMBER 2016 – current price $1673.70

Bullish over $1632 with $1720 and $1789 as price target

Bearish below $1601 with $1581 and $1566 as price target

Neutral Zone between: $1601-$1632

·         Silver is undervalued and waiting to zoom. As long as silver trades over $1573 it can rise to $1833 and $2027 in the short term.

·         Right now silver needs to trade over $1675 to rise to $1720+ quickly.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $46.87

Bullish over $45.70 with $47.60 and $49.60 as price target

Bearish below $44.50 with $43.40 and $42.20 as price target

  • Crude oil can rise to $49.60 and $51.10 as long as it trades over $45.90
  • There will be sellers only below $45.60

COMEX COPPER DECEMBER 2016 – current price $265.50

Bullish over $260.10 with $276.70 and $280.40 as price target

Bearish below $256.30 with $253.10 and $247.00 as price target

Neutral Zone between: $256.30-$260.10

  • Momentum is bullish. Technical correction can happen anytime.
  • Copper can rise to $286.60 as long as it trades over $260
  • There will be sellers only below $260.00

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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