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Asian Metals Market Update: August-1-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 1 August 2017 | Print  | Disqus 

Factors which can affect markets       


August is a month where traders will start taking positons for the year end and early next year. Long term technical breakouts will be the key to continuity of gold, silver, copper and crude oil. Incoming economic data releases from USA, UK and Eurozone will be relevant only if they confirm an earlier than expected interest rate hikes. Indian demand for gold and silver will start to rise from next week.


Developments around the world will be the key. USA is trying a regime change in Venezuela. Trade sanctions and other standard American policies to become its unofficial colony are being used. Venezuela has huge natural resources. The peaceful South American region is just one step away from being turned into Middle East. The Federal Reserve authorities took over a bitcoin website leaving everyone in the lurch. The site was not registered in America nor managed by American citizens. This is one of the reasons why I am asking everyone to invest in physical gold and physical silver. Digitization of money will imply that big nations like America control everything. Your money whether in banks or in any digital form is not safe. The only safe thing is physical gold and physical silver that too if you keep the same in your house. Who knows in future the Indian company Paytm’s egold could be seized by American authorities on the pretext that it hurts American interest. Indian government will sit like a lame duck and do nothing. (I am not trying to defame Paytm or any other company. I am just giving an example). Your belongings in your bank locker can also be seized by the state. After demonetization in India even cash is not safe. There is a fear among Indians that every few years there can be demonetization in India. The best way to get over the same is to invest your contingency fund in physical gold and physical silver.  Anything in electronic form and paper form is not safe either from the state or from hackers.


Technically gold, silver, copper and crude oil are all bullish.



COMEX GOLD DECEMBER 2017 – current price $1275.80

Bullish over $1270.30 with $1281.80 and $1289.60 as price target

Bearish below $1263.80 with $1256.60 and  $1241.60 as price target.

Neutral Zone between: $1263.80-$1270.30

·        Gold can rise to $1289.60 as long as it trade over $1268.30. Sellers will be there only below $1268.80.

·        Key resistance is at $1281.80.

·        One needs to remain on the sidelines.

MCX GOLD OCTOBER 2017 – previous day close Rs.28756

Gold can rise to 28978 and 29071 as long as it trades over 28610. Initial resistance is at 28876. There will be a technical breakout if gold manages to break and trade over 28876.

(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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