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Asian Metals Market Update: October-03-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 3 October 2017 | Print  | Disqus 

Technically gold and silver are bearish and can fall further. Copper looks bearish. The Euro/usd will see another wave of sell off if it trades below 1.1682 today. The US dollar looks strong due to European woes. Lack of Chinese influence can be seen on industrial metals and silver. Fundamentals of the global economy are stronger than ever before. Japan, Europe, China and the USA have all reported strong manufacturing growth numbers. The slowdown in UK manufacturing growth does affect global growth. Fundamentally the global economy has been so strong and for a long period of time. There are lot of concerns that a global recession can come very soon. Only a mad move by NATO by increasing the geopolitical risk level can derail the current pace of global economic growth. Geopolitics is the key to global economic growth.


US jobs will be hit the headlines once again this week. Markets expect that numbers will fall significantly due to the hurricanes. A number over 160,000 can increase expectation of more interest rate rises next year. Job numbers will be the key to the direction of the US dollar.


Demand and demand expectation from India will be key today. Jewelers will buy gold if and only if their sales are on the higher side. My experience is that the retail frenzy in gold will be there only if the trend is bullish. Retail investors never buy gold jewelry or invest in gold in a falling price market.


COMEX SILVER DECEMBER 2017 – current price $1660.50

Bullish over $1672.20 with $1696.30 and $1719.30 as price target

Bearish below $1649.70 with $1634.80 and $1617.50 as price target

Neutral Zone between: $1649.70-$1672.20

·         There will be a crash to $1602.10 if silver trades below $1649.70 anytime after the UK opens.

·         Trend is down. But there can be a short pullback rally if silver manages to trade over $1649.70.


100 day moving average of 39040 is the key support. Silver needs to trade over 39040 today to rise to 40100. Trend is down. Buy sell off will be there only below 39040.

(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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