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Asian Metals Market Update: May-09-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 9 May 2017 | Print  | Disqus 

There is no news at the moment to spruce up gold and silver. World gold council’s demand statistics of the last quarter has not been that great. Central bank demand in the last quarter has been less. I do not think that low central bank demand prevented a gold price rise. Mild fundamental weakness along with no new reasons to invest in gold is causing the temporary weakness. To the gold investors, unless gold breaks and trades over $1500, a big and very quick rise (as I had been expecting) will not be there.


Short term returns in gold can be negative but long term returns will always be positive. Gold investment returns cannot be compared to that of a bull run in equities markets. Global stock markets have been going through a bull phase over the past two years. So gold investment returns have lagged behind stock investment. But gold was a safe haven and will remain a safe haven. Coordinated central bank moves to control the global economy will not last long. Whenever it fails, gold will zoom. The French election result in just one of the recent examples of how the central bank-politician nexus can even manipulate a nation’s election. The world is going through a big demographic change. People’s thinking, needs and sources of income are changing. At the moment political manipulators are ahead of people. There will be time when people move ahead of political manipulators. Whenever this happens, there will a big global recession and civil strife. One needs to buy gold for these upcoming long term risks.


Technically gold, silver, copper and crude oil are bearish.


COMEX GOLD JUNE 2017 – current price $1228.70

Bullish over $1223.10 with $1237.90 and $1261.10 as price target

Bearish below $1215.80 with $1209.10 and $1198.00 as price target.

Neutral Zone between: $1215.80-$1223.10

  • Failure to break $1243 by Friday will result in a fall to $1203.
  • Big sell off only below $1223. Jobbers watch $1223 and $1235 all the time.
  • Trend is down.

MCX GOLD JUNE 2017 – previous day close Rs.28091

Overall trend is bearish as long as gold trades below 28324 with 27866 and 27635 as price target. Bullish trend/short covering will be there only if gold manages to trade over 28324.

(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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