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Asian Metals Market Update: August-31-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 31 August 2017 | Print  | Disqus 

August has been one of the best months for metals. Volatility was higher. Industrial metals zoomed and have the best month in the past few years. The big question is whether August’s trend will continue in September for industrial metals and gold. Copper, gold and nickel are testing key long term resistances. August trend will be there for them only on a break of key long term resistances. US economic data releases in August portray a robust economy. In my view interest rates should be hiked by the Federal Reserve at least once more this year. The Federal Reserve meeting in September will be relevant only if they signal the time frame for the next interest rate hike.


A weaker US dollar in August will result in higher export lead growth and also increase imported inflation. Strong growth and high inflation makes another reason for an interest rate hike this year. Reconstruction of Houston and other hurricane affected areas will increase employment and add to a temporary increase in US growth.


COMEX SILVER DECEMBER 2017 – current price $1738.50

Bullish over $1741 with $1766.15 and $1787.10 as price target

Bearish below $1728.50 with $1707.60-$1694.80 and $1681.50 as price target

Neutral Zone between: $1728.50-1741.00

·         Silver can fall to $1728 and $1698 as long as it trades below $1751.

·         Rise/bullish trend only over $1751.

MCX SILVER DECEMBER 2017 – previous day close Rs.40453.

Silver needs to trade over 40220 today to rise to 40700 and 41116. There will be sellers below 40220 to 39891 and 39500. Trend is slightly bearish.

(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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