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Asian Metals Market Update: Apr-11-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 11 April 2017 | Print  | Disqus 

Traders and everyone are on the sidelines due to uncertainty over Trump’s policies. Unless something very serious happens in Syria, bullion will not zoom. Mass genocide is something which has been ignored by markets. Gold and silver are still on the way to test key resistances. I prefer to ignore interest rate moves by the Federal Reserve. There has been too much hype over the same over the past few years. The US economy is robust. Interest rates will be hiked. Gold bulls will be able to overcome interest rate hikes by the Federal Reserve and other central bankers. But it is difficult to project the pace of rise.

 

Physical demand and premiums on physical gold and silver in Asia (Hong Kong, Singapore, Mumbai and Dubai are the key centers) should determine the pace of rise of gold and silver. In the short term, demand will be volatile just as the prices. Price sentiment will determine demand for gold and silver. Intraday trading could be a nightmare.

 

Gold will break free from the $1240-$1275 trading range and form a new range very soon. Silver could consolidate in a wider $1733-$1787-$1897 range. I have seen big technical breakouts/breakdown in short trading weeks. One needs to be careful.

 

COMEX SILVER MAY 2017 – current price $1792.80

Bullish over $1811 with $1846 and $1872.60 as price target

Bearish below $1783 with $1757 and $1700 as price target

Neutral Zone between: $1783 and $1817

·         Key support is at $1783. Silver can rise to $1857 as long as it trades over $1783.

·         Sellers only below $1783.

MCX SILVER MAY – previous day close Rs.41366

Key support is at 40902. Silver needs to trade over 40902 to rise back to 42432. Initial resistance is at 41737. Big crash only below 40902. I am against buying silver unless it trades over 41700.

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

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 -- Published: Tuesday, 11 April 2017 | E-Mail  | Print  | Source: GoldSeek.com

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