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Asian Metals Market Update: Jan-12-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 12 January 2017 | Print  | Disqus 

Trump’s press conference was a damn squib. It was hawkish with no solid information on future policy. This resulted in gold’s rise and a fall in the US dollar. Attack of pharma companies and separation of his business interests and the Mexico wall also did not go down well with traders and investors. There are also issues over US senate clearance of Trumps cabinet. Lack of clarity over key issues has resulted in gold rising.


We might see some short term US dollar sell off and gold, hard assets rising. Reality has taken over unmet expectation. But I do not foresee one way moves. There will be two way moves. Shorts are still there in gold and silver. Short covering and subsequent long position creation if gold manages to trade over $1207 and silver manages to trade over $1703. Industrial metals correction may not be over.


US economic data releases so far in January have been on the higher side of the expectation curve (except jobs numbers). US economic data releases will affect the US dollar and metals. Chinese demand for gold and silver has been rising before the Chinese new year on the 27th. Chinese demand could be a major price determinant for gold and silver till Valentine’s day.


A higher daily close for gold and silver should result in a ten percent rise in the short term.


COMEX GOLD FEBRUARY 2017 – current price $1194.85

Bullish over $1184.30 with $1200.30 and $1208.30 as price target

Bearish below $1172.20 with $1161.30 and $1153.80 as price target.

Neutral Zone between: $1172.20-$1184.30

  • Gold has the best chance to rise to 1227.80 in the short term as long as it trades over $1174.80-$1188 zone.
  • Initial resistance is at $1200.30
  • A daily close over $1194 for the rest of the month.

MCX GOLD FEBRUARY 2017 – previous day close Rs.28300

Gold is trading over the two hundred week moving average of 28067 and can rise to 28518 and 29069 as long as it trades over 28067. A daily close over 28067 today and tomorrow 29640 in the short term.

Trend for gold is bullish. However sellers will be there if (a) Gold trades below 28178 (b) Gold does not break 28518 today.

(price 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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