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Asian Metals Market Update: August-7-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 7 August 2017 | Print  | Disqus 

Till Wednesday it will be a technical trade for metals and energies as there are no big economic data from USA. Thereafter the CPI and PPI numbers if they rise at a fast pace can alter the interest rate hike expectations. Political news and political developments can cause a hara-kiri in metals as well as currency markets. The big answer which investors will be looking for is “has the US dollar bottomed out”. Every nation wants a weaker currency. Europeans will not be happy if their currency continues to gain. Comments and some mild downgrade of growth targets will be just enough to ensure that euro falls.


Rising global stock markets can give the much needed impetus to higher bullion prices. Initially profits from stocks will be reinvested partly in bullion. Once investment demand starts to rise in gold and silver and there is a long term technical breakout short term hot money will automatically flow in gold and silver. In India demand for gold and silver in any form should be high in the upcoming festival season. Every rising stock markets will ensure firm demand for gold jewelery and silver gift items. Monsoon rains so far are just adequate to prevent a drought in most parts of India and more rains will be welcome. (except for South India). Rural demand will be on the higher side.


COMEX SILVER SEPTEMBER 2017 – current price $1625.10

Bullish over $1644 with $1662.70 and $1677.30 as price target

Bearish below $1625.00 with $1606.60 and $1585.70 as price target

Neutral Zone between: $1625-$1644

·        Silver can fall to $1546.20 as long as it trades below $1644.

·        Rise/bullish trend only over $1644.

·        A daily close below $1644 today will be very bearish for silver for the rest of the week.

MCX SILVER SEPTEMBER – previous day close 37262

Silver can fall to 36845 and 36169 as long as it trades below 37469. Initial support is at 37140. Sell off will be there only below 37140. Rise/bullish trend only if silver trades over 37469 either in UK session or US session.

(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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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)




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