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Asian Metals Market Update: October-26-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 26 October 2017 | Print  | Disqus 

Traders will start taking positions for next week’s FOMC meet. Everything is factored in traders before the FOMC on interest rate trend and US economic growth. US housing numbers failed to add gains to the US dollar. This makes me believe that short sellers need to be careful in gold and silver. Gold and silver investment demand is seen from Europe. Asian gold investment demand is more or less zilch at the moment. Asians are looking for a price reversal for investment. Technically short term gold and silver are in a neutral zone. I will prefer to call it as a cyclical trend.

 

Interest rates are not expected to rise in next week’s FOMC meet. Only there will be a reconfirmation of a December interest rate hike. All is well with the US economy as well as the global economy. There are signs of a small crash in global stock markets anytime. This is not happening. The longer it takes for global stock markets to see a short term correction, the longer will be the next big correction. I know all central banks and politicians do not like a correction in stock markets. All the central banks policies are stock market friendly instead of being employment friendly. But central needs to let the stock market correct on its own so that a bubble does not form. The current global circumstances envisages a continued bull run in global stock markets for the next six months to next nine months. The whole worlds stock markets cannot continue to rise endlessly for a long period of time. A few stock markets will burst. Once that starts, gold and bitcoin will zoom. For the first time I have added bitcoin as a safe haven. Bitcoins and crypto currencies will get safe haven status as time progresses.

 

COMEX GOLD DECEMBER 2017 – current price $1281.50

Bullish over $1278.30 with $1289.90 and $1301.10 as price target.

Bearish below $1269.40 with $1265.10 and $1256.90 as price target.

Neutral Zone between: $1269.40-$1278.30

  • Gold needs to trade over $1270-$1275 zone to rise to $1296.
  • Day traders remain on the sidelines.

MCX ZINC OCTOBER – previous day close Rs.212.75.

·         Zinc can rise to 214.60 and 218.80 as long as it trades over 210.60.

·         Sell off will be there only below 210.60 to 209 and 206.90.

·         Movement will be two way.

(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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              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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