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Asian Metals Market Update: September-28-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 28 September 2017 | Print  | Disqus 

Trump tax plans if passed can result in nearly one percent more GDP growth to the US economy every year. This optimism resulted in gains for the US dollar and the fall in precious metals. Lack of escalation in North Korean risk also added to losses for gold and the yen. My fear is that US corporations can use the reduced taxes as an opportunity of share buy backs instead of paying dividends. This has been the trend of current times. Share buyback and delisting has become the norm for most corporations globally with large reserves and high profitability. Share buy backs instead of using the surplus funds for capacity expansion can derail all the positive effects of Trump’s tax plans (if passed).  

 

American senators have not let Trump do anything. Other than passing legislature for travel bans and giving unlimited money to American forces to fight more wars US senators have not done anything for the past nine months. Instead of building castles in the air, it is better to be grounded over Trump tax plans.

 

Traders will start taking positions for next week’s US September nonfarm payrolls. German political instability is benefiting the US dollar and will continue to benefit the US dollar.

 

COMEX GOLD DECEMBER 2017 – current price $1286.90

Bullish over $1281.10 with $1294.30 and $1307.60 as price target

Bearish below $1272.40.00 with $1264.70 and $1250.90 as price target.

Neutral Zone between: $1272.40-$1281.10

  • Key support is at $1281.10. There will be a technical breakdown below $1281.10 to $1270.90 and $1264.70.
  • Trend is down. There can be pullback rallies as long as gold manages to trade over $1281.10.

MCX GOLD DECEMBER 2017 – previous day close Rs.29815.

  • Trend is down. Key support till Tuesday is at 29607.
  • Gold can fall to 29607 and 29443 as long as it trades below 29974.
  • Bullish trend under either of two circumstances (a) Gold does not fall below 29607 till Tuesday (b) Gold breaks and trades over 29974 today.
  • Traders will start taking positons for Tuesday as Monday is closed full day.

(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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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 -- Published: Thursday, 28 September 2017 | E-Mail  | Print  | Source: GoldSeek.com

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