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Asian Metals Market Update: Jan-4-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 4 January 2017 | Print  | Disqus 

Last year it was proved that silver prices were heavily manipulated by a combination of very large and too big to fail banks. Banks are used to court cases and pay penalties. Yet they end up with massive profit on manipulation of any financial instrument. Bank rig prices when either trading volumes are low or there is lack of large retail investment or fundamentals are weak. If fundamentals are strong, then banks or any other hedge fund or a combination of banks and hedge funds will never be able to manipulate anything. I prefer to ignore silver manipulation news and trade in technical in silver in the first quarter of this year.


Silver rose sharply yesterday. If silver continues to rise today, then we should see some short term investment flows. Copper and crude oil are looking marginally bearish at the moment.


Yesterday’s trade in gold, silver and industrial metals was post holiday position squaring and rebuilding. Action begins today with US December private ADP jobs numbers. The focus of all the US economic data releases in January will be on the decoding the next interest rate hike by the Federal Reserve. I do not foresee meetings of the bank of England and the European central bank creating a significant impact on their respective currencies.


In the first quarter, key central bank policies (other than Federal Reserve) may be dictated to support the ruling political class of their respective nations. There is political turmoil or chances of a political turmoil are higher in most nations across the globe. Central bank actions and/or inactions will increase short term volatility in currency markets and stock markets.


COMEX SILVER MARCH 2017 – current price $1642.80

Bullish over $1612 with $1664 and $1734 as price target

Bearish below $1598 with $1583-$1566 and $1539.90 as price target

Neutral Zone between: $1598-$1664

·         Today’s session is very crucial for silver. If silver manages to rise today, then chances of restarting the short term bull run will be high.

·         Silver targets $1734 and $1800 as long as it trades over $1612

·         There will be a big crash only if silver trades below $1612 in the US session.

MCX SILVER MARCH – previous day close Rs.40270

There is a technical congestion between 40599 and 40886. A break of 40599-40866 zone will trigger another wave of rise to 42282 and 43331. Initial support is at 39824. Silver needs to trade over 39824 to continue its bullish zone. There will be a sell off only if silver trades below 39824 in the US session. Today’s close is very crucial for continuance of bullish zone.

(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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UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

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