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Asian Metals Market Update: October-10-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 10 October 2017 | Print  | Disqus 

Lack of news will imply a technical trade. Gold investment demand has been steadily increasing in Germany. Asian demand will be the key to gold prices. Asian demand for gold will be high only if prices remain firm. Buyers will vanish if there is any hint that gold prices will move into a short term bearish phase.


Expansion of the Wahhabi form of Islam in Europe will imply gold could soon be an inert metal. Most of the Islamic migrants in Europe follow the Wahhabi form of Islam. The Wahhabi form of Islam will lead to total chaos and destruction. Saudi Arabia and Turkey are promoting “Wahhabi” to rule the world someday. Even the Wakf boards in India and other Islamic NGO’s receive huge donations from Saudi Arabia and Turkey to promote “Wahhabism” in India. It is only the Modi government which is trying to clamp down on such donations. No other government since the Independence of India have dared to clamp down on such money flows. Spread of the Wahhabi form of Islam in India will only increase the gold demand in India over the coming years.


The Turkey-US spat will only increase the investment demand for gold. Turkey and Saudi Arabia are now both allying with Russia for weapons, crude oil production limits among other things. Reduction of American power in Middle East will imply more tensions in North Korea and the South China Sea. Scandinavia’s region will also a get a piece of NATO destruction as NATO and Russia both try to capture Artic assets. 


COMEX GOLD DECEMBER 2017 – current price $1288.60

Bullish over $1277.10 with $1298.80 and $1308.20 as price target.

Bearish below $1272.20 with $1266.40 and $1260.10 as price target.

Neutral Zone between: $1272.10-$1277.10

  • Gold needs to trade over $1288 today to rise to $1308.20.
  • Sellers will be there only if gold trades below $1288 only in the UK session.

MCX GOLD DECEMBER 2017 – previous day close Rs.29732.

  • Trend is bullish.
  • Gold can rise to 29911 and 30120 today as long as it trades over the 29598-29715 zone.
  • Bearish trend will be there only if gold trades below 29598 either in the UK session or the US session.

(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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