Focus will be on geopolitical risk after Trump’s Asia trip. Saudi Arabia’s clamp down on detractors by labelling them as corrupt will weigh on the markets. Economically there is nothing as most of the good news has been factored in by the markets. All the focus is on crypto currencies and bitcoins. If gold and silver fall this week, then everyone will be looking for signs of a medium term bottom. Short term investors are cautious about investing in gold.
I am more concerned of the rise in industrial metals. Nickel is undervalued. Lead, zinc and aluminum are overvalued. Copper is ever green. Copper is the least risky bet for short term traders and long term investors. I will not be surprised if copper prices reach $12000/tonne in two years time. Platinum also has a bright prospect for the long term. Industrial metals will not be affected by the bitcoin hype. Most of the users of industrial metals are now forced to hedge in the futures market due to the bumper price rise this year. This trend will continue next year too. The pace of rise of industrial metals will be slower next year than this year.
COMEX SILVER DECEMBER 2017 – current price $1685.00
Bullish over $1695.50 with $1713.00 and $1730.30 as price target
Bearish below $1687.80 with $1669.00 and $1652.90 as price target
·There is a technical congestion between the $1650-$1669 zone. Crash will be there only below $1650.
·I am against buying silver unless it trades over $1700 after London opens with some trailing stop loss.
MCX SILVER DECEMBER 2017 – previous day close Rs.39048
·100 day moving average at 39041 is the key support. Silver needs to trade over 39041 to rise to 39659 and 40009.
·There will be a sell off below 39041 to 38762-38585 and 38050.
·A daily close below 39041 today and tomorrow will result in a short term bearish phase.
(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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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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