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Asian Metals Market Update: August-10-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 10 August 2017 | Print  | Disqus 

One needs to be careful trading at current prices in gold as it has not been able to break past $1300 in the past. This time though any armed attack on North Korea ( if any) can result in gold easily breaking $1300 and nearing towards $1500. But at the moment one needs to be very careful despite all the bullish supportive political factors. US inflation numbers is the key. PPI and CPI numbers tomorrow will let investors guess the time period for the next interest rate hike. Any indication of an interest rate hike beyond December will result in another wave of short term rise for metals and energies and a knock down for US dollar.


Technicals are bullish gold, silver, copper and crude oil. Safe haven demand is also supporting bullion. There can be a short squeeze in copper, nickel and silver if they continue to rise and tomorrow. Silver and nickel have the best chance this year to be a market performer from an under performer. The next one week for all metals and energies. If they are able to rise for a week, then I expect ten percent more rise in the short term and vice-versa.


COMEX SILVER SEPTEMBER 2017 – current price $1687.40

Bullish over $1664 with $1704.20 and $1756.20 as price target

Bearish below $1649 with $1633.80 and $1611.40 as price target

Neutral Zone between: $1649.0-1664.0

·        Technical congestion is between $1696-$1704.20-$1715.90.  A break of this zone will trigger another wave of rise to $1806.70.

·        Silver needs to trade over $1664 till tomorrow to fend off bears.

·        Only a daily close over $1696 today and tomorrow will be very bullish for the rest of the month.

MCX SILVER SEPTEMBER 2017 – previous day close Rs.38590.

100 day moving average around 39324. Silver can rise to 100 day MA of 39324 and 39953 as long as it trades over 38062. Bearish trend only below 38062. Initial resistance is at 38786. There will be a quick rise if silver manages to trade over 38762 today.

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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