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Asian Metals Market Update: August-4-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 4 August 2017 | Print  | Disqus 

Factors which can affect markets                                       


Gold and silver are firm, but still yet to break and trade over key technical resistances. Copper and industrial metals are going through the summer cyclicals. As long as the US dollar remains weak against the euro and yen, bullion and industrial metals will remain firm. Trump has been alienated even by his own republican party members as new probe over his business connections with Russia has started. Today and Monday could be a big day for gold and silver bulls. Either they rule or rest in peace. There is no big piece of market moving economic news after the release of US July nonfarm payrolls in August.


Gold and silver will zoom in August under (a) if market perceive that interest rate hike will move beyond the currently priced December month (b) Gold and silver are able to break and trade over $1310 and $17.10 respectively. The pace of rise and the pace of fall in metals and currency markets will be dictated more by incoming political news. History suggests that the best way to survive a throne change is by unleashing more and more wars. Rulers rule endlessly as long as threats of war is shown to the masses. Russian sanctions implies that Trump has taken lessons from history.


COMEX GOLD DECEMBER 2017 – current price $1273.80

Bullish over $1274.30 with $1281.80 and $1289.60 as price target

Bearish below $1268.40 with $1259.90 and  $1252.20 as price target.

Neutral Zone between: $1268.40-$1274.30

  • Gold has to break and trade over $1281.80 today to rise to $1310 by next week.
  • There will be a sell off to $1255.60 and $1232.10 in case gold does not break and trade over $1281.80 today.
  • One needs to remain on the sidelines.

MCX GOLD OCTOBER 2017 – previous day close Rs.28576.

200 day moving average of Rs.28347 is the key support. Gold needs to trade over Rs.28347 till Monday to rise to Rs.29039. Sell off only below Rs.28347 to Rs.27955 and Rs.27604. There should be big 400-500 points move anytime till Monday. Jobbers watch Rs.28570 all the time.

(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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