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Asian Metals Market Update: May-02-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 2 May 2017 | Print  | Disqus 

Lack of trading volumes along with a technical breakdown has resulted in the crash of gold and silver. The slide can continue today also if physical demand does not return in Asia. Gold and silver will restart their short term bullish trend only if the Federal Reserve indicates a pause in interest rate hikes for the June meeting and/or US jobs numbers come in filthy bad. Investment demand for gold and silver will depend on the price outlook.


Indian equity markets are rising. Technically the nifty can near 9900-10,000 levels as long as it trades over 8880-8920 levels. Momentum is very bullish for Indian stocks. Short term corrections will be there but medium term investors to long term investors need to worry. A lot of retail investors are stuck in penny stock investment. Keep a close watch on such stocks on daily basis as small cap momentum can pick up anytime and use the rise to exit. My personal suggestion is to channelize at least twenty five percent of profits from Indian stocks markets into physical gold. I have never believed in the concept of the gold ETF so it will always be physical gold or physical gold in demat form. (please note that the nifty will move into a bear trend if it trades below 8800 for around a week).


The Indian government is trying to dissuade Indians from investing in gold. They want everyone to invest in equities or equity based mutual funds. The jewelry trend in India is towards diamonds. Less gold consumption in pure gold jewelry. Young gen should invest in physical gold and not get carried away by the tax lollipop which the Indian government is giving just to dissuade you from investing in gold.


Today one should look for short covering before the FOMC meet tomorrow.


COMEX SILVER JULY 2017 – current price $1698.90

Bullish over $1719 with $1744 and $1781 as price target

Bearish below $1698 with $1676-$1644 and $1629 as price target

Neutral Zone between: $1698 and $1719

·         Silver can fall to $1633 and $1601 as long as it trades below $1717-$1720 zone.

·         Buyers will be there if (a) silver does not fall below $1660 (b) silver trades over $1717

·         A daily close below $1690 today will be technically bearish for tomorrow.

MCX SILVER JULY  2017 – previous day close Rs.39263

Support is between 38957-39168. Silver needs to trade over this zone to rise to 40295 and 40768. Big crash only if silver trades below 38957-39168 zone to 38273. Momentum and technical are all bearish for silver. Long term investors can start investing in very small amounts at current prices.

(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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