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Asian Metals Market Update: Jan-6-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 6 January 2017 | Print  | Disqus 

If the US December nonfarm payroll comes in in the same way as the private ADP jobs number, then gold has a higher chance of rising to $1230 in the immediate term and $1314 in the medium term. One needs to look into the nonfarm payrolls on an overall context and not just the headline number. Headline number can be misleading, leading to trading losses.


Gold and silver investment flows will be dependent on today’s number. US dollar-Japanese Yen (usd/jpy) will have a technical breakdown if it trades below 114. A fall below 114 will result in 109.90 and 105.60 by the first week of February.


Still two weeks are left before Trump become the president of America. The transition between Obama and Trump has not been smooth. Obama and the Clintons have been sore losers and will still try some tricks to ensure that Trump does not work smoothly. China and other anti-American nations have made contingency plans to tackle Trump adverse policy impact (if any). These uncertainties can result in firm gold prices even if the US dollar gains significantly.


Todays close will set the direction for the rest of the month for all metals, energies and currency markets.


COMEX SILVER MARCH 2017 – current price $1662.70

Bullish over $1625 with $1686 and $1734 as price target

Bearish below $1605 with $1586-$1566 and $1539.90 as price target

Neutral Zone between: $1605-$1625

·         Silver looks bullish. Silver will zoom only if it trades over $1683 in the US session.

·         Initial support is at $1647 with $1625 as key support.

·         Silver needs a daily close over $1683 today to zoom next week and ensure massive short covering.

MCX COPPER FEBRUARY 2017 – previous day close Rs.380.45

Two hundred week moving average around 383 is the key price to watch. Copper is in a consolidation phase. Either copper breaks 398.70 in the next two weeks or else it will fall to 365.70 and 359.10. Right now I prefer to remain on the sidelines despite the slightly bullish technical.

(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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