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Asian Metals Market Update: October-12-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 12 October 2017 | Print  | Disqus 

Gold and silver rose as the FOMC did not say anything new on the economy or interest rate cycle. Low inflation could derail the Federal Reserve interest rate cycle. Physical gold and silver demand will be on the higher side in Asia as well as Europe if prices rise today. I also expect short positions to get converted into long positions if gold and silver rise. There are all of the ingredients for a new gold rally: (a) Extreme geopolitical risk never before seen in decades (b) Global growth hitting peak growth with very high chance of a reversal (c) The US dollar moving towards its last phase of its death (d) Last but not the least, new technologies are using gold and will use gold. Till now gold’s rise was attributed to safe haven status and traditions in Asia. The double whammy for gold bulls is industrial demand.

 

Higher global interest rate cycle will only slow down the pace of rise of gold and silver and not the rise. Manipulators like JP Morgan, Deutsche bank and their associates will get busted on their short positons. Once Trump leaves the throne of US president, I expect a complete massacre by gold and silver bulls. Gold and silver will fall if and only if Trump is also to work which is least likely. Politicians win by creating propaganda wars and never by working for the masses.  

 

COMEX SILVER DECEMBER 2017 – current price $1721.00

Bullish over $1714.50 with $1738.50 and $1766.10 as price target

Bearish below $1704.10 with $1694.50 and $1677.30 as price target

Neutral Zone between: $1704.10-$1714.50

·         Silver gets another opportunity to rise to $1736 and $1766 as long as it trades over $1707-$1714 zone.

·         Sellers will be there only below $1707.

MCX ZINC OCTOBER 2017 – previous day close Rs.212.85

  • Zinc can fall to 205.10 and 196.10 in the short term as long as it trades below the 219.10-223.20 zone.
  • Only a break of 223.20 will trigger another wave of rise to 247.60.
  • Today zinc needs to trade over 211.30 to rise to 213.80-216.40 and 219.10. Zinc will crash if it trades below 211.30 after the UK open.

(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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