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Asian Metals Market Update: September-29-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 29 September 2017 | Print  | Disqus 

The good thing about October is that the interest rate factor by the Federal Reserve will not be there. The next FOMC meet is on the 1st of November. The interest rate factor will not haunt gold and silver in October unless chances of a no hike are there in December. Europe and Japan will take center stage in October as Japan goes for snap polls and Germany’s politics take shape. The USA will make it to the headlines if Trump’s tax reforms turns out to be a big dud. In case the US senate does not pass the Trump tax reforms then the US dollar will nosedive in the short term.


The recovery of gold yesterday is a sign that demand is there at lower prices. Monday both India and China are closed. My experience is that whenever India and China both are closed, gold and silver either zoom or nosedive. Volatility will be high as North Korea, Trump tax reforms and global economic outlook for next year will haunt the mindset of traders and investors.


October is a month for higher Asian demand. Early Diwali in India implies November will be a lull for consumer demand and Indian economic growth. I see November as a month of political plagiarism in India. Empty mind is a devil’s workshop among the political class. But still gold demand in India should remain firm if prices fall.


COMEX SILVER DECEMBER 2017 – current price $1691.10

Bullish over $1680.10 with $1711.20 and $1738.60 as price target

Bearish below $1655.40 with $1648.20 and $1631.10 as price target

Neutral Zone between: $1655.40-$1680.10

·         Silver needs to trade over the $1648-$1680 zone till next week to rise to $1778 and $1768.

·         Crash will be there only below $1648 or in case silver does not break and trade over $1704.

·         Trade very carefully between the $1648-$1680 zone.

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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