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Asian Metals Market Update: July-13-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 13 July 2017 | Print  | Disqus 

Factors which can affect markets


Gold and silver rose after the Federal Reserve chairman signaled a slower pace of interest rate hikes than expected. Yellen said that the Federal Reserve remains on track to both interest rate hikes and to begin shrinking its balance sheet before the end of next year. July and August US jobs numbers will be the key as cyclical factors due to the US summer season will come into play. At the end of the day the investment demand for gold (for the rest of the year) will be dependent on the pace of US interest rate hikes outlook. Geopolitics have failed to affect bullion. Indian demand of gold and silver will be very high this quarter only to fizzle out in the final quarter of the year.


US retail sale numbers tomorrow will be key. Trump and Russia will not die quickly. Democrats and others opposed to Trump will try to make a mountain out of a mole over the Russian connection. Trump is a billionaire businessman. He has business interest in more or less every nation of the globe. American politicians and the CIA are still ensuring that people of America live in the cold war era. Gold and silver will rise as long as the Russian issue makes headlines in the USA. Corrections will be there once the dust settles down.


COMEX SILVER SEPTEMBER 2017 – current price $1595.40

Bullish over $1560 with $1610.10 and $1668.50 as price target

Bearish below $1548.20 with $1522 and $1505 as price target

Neutral Zone between: $1548.20-$1560

·         Silver needs to trade over $1560 today to rise to $1626 and $1657.

·         Sellers will be there only below $1560.

·         A daily close over $1588 today will be very bullish for tomorrow.

MCX CRUDE OIL JULY– previous day close Rs.2949

Crude oil can rise to 2983 and 3046 as long as it trades over 2904. Sellers will be there only below 2904 to 2863 and 2813.

(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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