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Asian Metals Market Update: September-18-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 18 September 2017 | Print  | Disqus 

Yen as well as gold can be affected on speculation that Japanese prime minister may called a snap general election next month. But first we have the FOMC meet this week and thereafter the German general elections and later US September nonfarm payrolls on 6th October. Over the next three weeks there are market moving news and events which can change direction of metals, energies and currency markets. Just remember to have a key technical support in hand and key resistance in hand and trade accordingly. Do not drain your brain by over analyzing news and events. Life is never complicated. It is through our perception that we make life complicated. Trading and investment is also like life.


Gold and silver fell after the USA said that it will try peaceful pressure on North Korea. In my view they are just out of solutions as the USA knows that trade sanctions will be useless without the support of Russia and China. Except Japan, none of North Korea’s neighbour’s want an armed conflict.


The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. In my view crypto currencies will be legalized globally. Central banks want to control medium of exchange between them so that they can collect taxes. Safeguard regulations will be put in place to prevent arrest of big scamsters or too big to fail manipulators just like JP Morgan and alike. The rise in bitcoin will positively affect gold and silver. However the pace of rise and pace of fall will be difficult to forecast.


COMEX GOLD DECEMBER 2017 – current price $1322.20

Bullish over $1325.40 with $1332.00 and $1337.30 as price target

Bearish below $1318.50 with $1312.70 and $1303.40 as price target.

Neutral Zone between: $1318.50-$1325.40

  • There is a support on every $8 fall below $1318.50 till $1300.10.
  • Overall trend is down as long as gold does not break $1332-$1342 zone.

MCX GOLD OCTOBER – previous day close Rs.29856

14 day view: Trend is down as long as gold trades below 30211.Support is between 29753-29626-29421zone. Gold needs to trade over this zone to rise to 30211 and 30953. But there can be pullback rallies as long as gold trades over this zone. I prefer to invest in gold only after the FOMC meet.

(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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