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Asian Metals Market Update: October-04-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 4 October 2017 | Print  | Disqus 

Gold and silver may have formed a short term bottom. Lead and zinc are the gate crashers in the positive year for industrial metals as they do not show signs of a correction. The pace of rise of lead and zinc are scary but not the rise itself. The rise of industrial metals is in sync with long term fundamentals. If lead and zinc rise another twenty percent over the next twelve months and float over the same then electric car makers will start looking for alternatives. The higher the prices of lead and zinc the greater the chances of new ground breaking technologies coming in for daily use. Nickel is still undervalued. The price of nickel has not risen due to bad fundamentals. I am most bullish on Nickel over the next eighteen months. All the negative fundamentals will change into positive fundamentals and nickel will attract every investor’s interest.


Upcoming US job numbers will decide the direction of the US dollar as well as precious metals. The next seven days are very crucial for gold and silver. Either boom or bust. I will prefer to use the current fall and further falls (if any) in gold and silver to invest for next Diwali.


COMEX GOLD DECEMBER 2017 – current price $1278.10

Bullish over $1275.20 with $1287.80 and $1299.10 as price target

Bearish below $1267.30 with $1262.80 and $1250.90 as price target.

Neutral Zone between: $1267.30-$1275.20

  • Gold gets another chance to rise to $1300 as long as it trades over the $1268-$1275 zone.
  • Sellers will be there only below $1268 today.

MCX GOLD DECEMBER – previous day close Rs.29509

  • Key support till Friday is at 29401.
  • Gold can rise to 29666 and 29964 as long as it trades over 29401.
  • Trend is down. Rise (if any) will only be a pullback rally.
  • Gains in the rupee will prevent today.
  • Crash will be there only below 29401 to 29150 and 28907

(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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