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Asian Metals Market Update: August-28-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 28 August 2017 | Print  | Disqus 

This is a big week for the US dollar. As usual the US August nonfarm payrolls (NFP) will decide the possibility of a December interest rate hike. Over the past two months gold and silver have always fallen after the release of NFP, only to pare most of their losses the following week. Political news after the release had nullified the effects of NFP. If the trend of the past two months happens over the next seven days then Gold and silver can rise till the NFP and thereafter see a sharp fall and then begin the journey for another short term bull run.


Only two speed breaker I see for gold and silver. First is an NFP August number over 250,000 and with upward revision of previous month numbers. Second peace announcement in the Korean peninsula by the war mongers. Obama was supposed to be the most peaceful American president. But he unleashed the Islamic state to the world. I see Trump wars in North Korea and Venezuela/South America as the rest of the world is already under American wars. Economic number releases so far in August suggest robust US economic growth. The NFP numbers should get a cyclical boost by way of higher temporary hiring due to US summer vacation spending. I do not foresee any negative effects of the Texas hurricane on NFP employment numbers.



Gold and silver are looking bullish at the moment. Copper looks headed for more gains. Nickel seems to have formed a short term top. Movement will still be two way in all metals and energies. Crude oil did not get any impact of the category 4 hurricane in Texas. Maybe the picture is still not clear of the effects. I am against going short on crude oil for the next two days or till the actual cost of destruction is known whichever is earlier.


COMEX SILVER SEPTEMBER 2017 – current price $1710.30

Bullish over $1686 with $1728.20 and $1766 as price target

Bearish below $1670.00 with $1658.20 and $1638.40 as price target

Neutral Zone between: $1670.00-1686.0

Jobbers aggressive buy over: Buy at $1700 stop loss $1676 for $1751.40

Jobbers sell below: Sell if silver does not break $1728 today.

·         Silver gets another chance to rise to $1728 and $1751 today as long as it trades over $1681.

·         Sell off only if silver falls below $1681 to $1671 and $1643.80.

·         I prefer a use a buy on dips strategy as long as silver trades over $1660-$1670 zone today.

MCX SILVER SEPTEMBER – prices in Indian Rupees below

Silver can rise to 39693 and 40110 by Thursday as long as it trades over 38525. Movement will be big and two way. Initial support is at 38986.

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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