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Asian Metals Market Update: September-11-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 11 September 2017 | Print  | Disqus 

The correction in gold and silver is a part and parcel of a long term bull rally. A short term bearish trend will be there if gold and silver continue to fall after the Bank of England meeting on Thursday this week. The UN meeting on North Korea will be fake. The USA will get what it wants from the UN. Other than Russia there is no other power which can challenge NATO and the UN. Russian stance will be the key to the North Korean crisis just like Syria. Physical demand for gold and silver will zoom in Asia on any two percent fall (if any).


Hurricanes in the USA are a short term pain for the US economy but a real long term gain. Relief, reconstruction and infrastructure industries will get a big boost and will ensure that the US economy continues to add more and more jobs for the next ten months. Hurricanes are always a base metals scrap dealer dream as they make most profit. Demand for steel, copper, plastics and nickel should rise in hurricane affected areas in a big way. Scrap metals recycling takes a lot of time to become a finished product.


Qatar and Venezuela could post serious political risk over the coming months. The Qatar issue is far from being over. There is speculation that Venezuela could dump the US dollar. Libya and Iraq both major oil producers tried to dump the US dollar and we all know their fate. It would be foolish of Venezuela to dump the US dollar and get converted into a desert. Venezuela cannot be helped by Russia (as in Syria) so yes the suffering of people of Venezuela will only be aggravated by dumping of the US dollar.


COMEX SILVER DECEMBER 2017 – current price $1792.50

Bullish over $1816.80 with $1838.10 and $1863.80 as price target

Bearish below $1789.60 with $1772.90 and $1748.80 as price target

Neutral Zone between: $1789.60-1816.80

·         There will be a technical break down below $1781 to $1765.50 and $1742.50.

·         Buyers will be there only if silver trades over $1811 today.

MCX COPPER NOVEMBER – previous day close Rs.431.10.

Key intraday support at 428.80. Copper needs to trade over 428.80 to rise to 436.10 and 444.20. Sell off will be there below 428.80 to 421.60 and 416.10.

(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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