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Asian Metals Market Update: September-01-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 1 September 2017 | Print  | Disqus 

Unlike August, September may not be an easy month to trade and invest. In the first half, US budgetary issues, pre FOMC speculation and political risk will drive financial markets. After the FOMC meet, early movers will start betting on global interest rate hikes for 2018, the US economic health till the first quarter of next year, and the UK exit from Eurozone news. As long as Trump remains the president of the USA, gold, silver and bitcoins will trade with an overall bullish direction. Winners will be there who are able to correctly judge the pace of rise and pace of fall. Overall the past few months, I am hearing calls for a sharp correction in US stock markets. I have yet to see one.


Momentum as well as technicals are bullish for gold and silver. This can be reflected by the rising of gold and silver despite some good US private ADP jobs numbers. Crude oil may have formed a short term bottom. US nonfarm payrolls are crucial for precious metals and the US dollar. If gold rises after the release of US August nonfarm payrolls into Tuesday’s US session, then $1522.60 will be the immediate target. Silver’s immediate target will be $1922.70 if it manages to trade over $1751 till Tuesday.



Movement will be two way. Trade carefully.


COMEX SILVER DECEMBER 2017 – current price $1763.00

Bullish over $1741 with $1787.15 and $1827.40 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 rise to $1827.40 as long as it trades over $1649.70.

·         Sellers will be there if silver does not break the initial resistance of $1780.80.

MCX CRUDE OIL SEPTEMBER – previous day close Rs.3038

Key support is at 2991. Crude oil can rise to 3105 and 3166 as long as it trades over 2991. Sell off will be there only below 2991.

14 day view: As long as crude oil trades over 2890 chances of a rise to 3226 and 3431 will be high. Initial key resistance is at 3101.

(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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