-- Published: Wednesday, 18 October 2017 | Print | Disqus
To the people in Bengal happy kali puja to everyone.
The next wave of sell off will be when gold and silver fall below yesterday’s low. I am happy with the performance of copper and nickel yesterday. Zinc and lead just had a correction and are not in a short term bearish phase. The pace of rise of zinc and lead was way ahead of fundamentals. Hence the correction. A once-in-five-year Communist Party gathering starts today and will be closely watched. The focus will be on the team president Xi picks.
Less people went to the markets in Delhi to buy gold and silver (in any form) than in the previous years in Delhi. The key jewelry markets in Delhi like Chandni Chowk and Karol Bagh were far less crowded as compared to previous years. I put the sole blame on the Modi government for neglecting the jewelry sector in India. Ever since the NDA came to power, the Indian unorganized jewelry sector has borne the maximum brunt of ill thought financial policies to unearth black money. Indian gold and silver demand will be price sensitive for the rest of the year looking at yesterday’s trend.
I do not think a new Federal Reserve chairman (if any) will change the US policy. Central banks always maintain policy continuity after leadership change. The only thing is the level of surprises which vary from head to head. The pace of interest rate hikes by the Federal Reserve is the key to the US dollar as well as gold and silver prices for next year.
COMEX GOLD DECEMBER 2017 – current price $1288.40
Bullish over $1297.80 with $1303.60 and $1311.80 as price target.
Bearish below $1292.10 with $1283.80 and $1277.40 as price target.
- Key support is at $1275.90. trend is down. But gold will crash only if it trades below $1275.90.
MCX ZINC OCTOBER – previous day close Rs.201.00
- Key support is at 197.30. Trend is down. Initial support is at 199.70.
- The next wave of sell off will be there below 197.30 to 193.40 and 188.50.
- Zinc needs to trade over 204.20 to be in an intraday bullish zone and rise to 211.20.
(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
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NOTES TO THE ABOVE REPORT
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-- Published: Wednesday, 18 October 2017 | E-Mail | Print | Source: GoldSeek.com