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Asian Metals Market Update: September-07-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 7 September 2017 | Print  | Disqus 

The European central bank in its meeting will try and reduce the rise of the euro against the major currencies as it hurts exports. However the ECB is expected to confirm liquidity reduction measures in October. If there is no confirmation on liquidity reduction measures by the ECB, then the euro/usd will fall to 1.1642 and 1.1444 in the short term. There is some speculation that the so called Brexit may not actually happen. Gbp/usd can rise to 1.5000 in the long term if Brexit does not happen. It is too early to comment on such things. The Canadian central bank raised interest rates yesterday. Divergent central bank policies and lack of clarity on future policy measures ensure that medium term bullishness in gold and silver is intact.


Developments in crypto currencies will affect bullion prices. I am not concerned by China banning initial coin offerings or South Korean regulations. Crypto’s are here to stay. But once again I am against any form of long term investment in crypto’s or ETFs or anything in electronic forms (other than stocks and bonds) as states can become Hitler and take over your investment anytime. Your investment in electronic form can be blocked anytime without any reason. I am a traditionalist for very long term investment and prefer physical gold/metals or land (not homes or flats) as opposed to paper forms of investment. Regulation by the state of cryptos is a part and parcel of long term development of such currencies.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $49.09

Bullish over $48.20 with 49.90 and $51.40 as price target

Bearish below $47.60 with $46.40 and $45.40 as price target

Trading strategy:  No call

  • There will be a technical breakout over $49.95 to $51.40 and $52.40.
  • Sellers only below $48.40.
  • Head and shoulder formation on the daily charts. If crude oil floats over $49 till Monday, then it will zoom.

COMEX COPPER DECEMBER 2017 – current price $315.00

Bullish over $310.50 with $317.80 and $329.60 as price target

Bearish below $307.60 with $303.70 and $301.80 as price target

Neutral Zone between: $307.60-$310.50

  • Copper needs to trade over $312 to rise to $317.60 and $322.
  • Sellers will be there only below $312.00

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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