-- Published: Tuesday, 24 October 2017 | Print | Disqus
Moves in the currency markets are dictating gold and silver. Technically gold and silver are in a neutral to bullish zone. There is not much news at the moment. Prices moves in gold, silver and currency markets reflect investor short sightedness. Fears that geopolitical risk can rise anytime is preventing investors not to take a medium term stance.
Investors will start taking positions for the New Year and the first quarter of next year. Global economic growth is expected to get a smooth ride till the first quarter of next year. A destabilizing factor will be changes in geopolitical risk. East Asian calm is the one before the Typhoon. Next year central banks will face the dilemma between growth, inflation and interest rate cycles. Bitcoin will be regulated in 2018. I believe that those who are crying over the fate of bitcoin, are themselves heavily invested in bitcoin. In short as compared to this year, it will be a nightmare to trade and invest.
COMEX GOLD DECEMBER 2017 – current price $1283.30
Bullish over $1281.60 with $1289.90 and $1301.10 as price target.
Bearish below $1273.20 with $1265.10 and $1256.90 as price target.
Gold gets another chance to rise to $1307.60 if it manages to trade over $1268.80.
Initial resistance is at $1284.80. There will be another wave of rise over $1284.80.
MCX NICKEL OCTOBER 2017 – Previous day close Rs.770.90
·200 week moving average at 780.40 is the key resistance.
·A break of 780.40 will result in 805.10 and 846.10.
·On the lower side as long as nickel trades over 752.90, downside risk will be limited.
·Trend is bullish.
(price 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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NOTES TO THE ABOVE REPORT
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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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