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Asian Metals Market Update: November-15-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 15 November 2017 | Print  | Disqus 

Price moves in metals and currencies suggest funds are churning their portfolio for the year and first quarter of next year. The Eurozone economy is expected to continue with its favorable growth rates at least till the first quarter of next year. Migrants are now the backbone to rise in consumption in Eurozone. Eurozone members are distributing free money to migrants for higher growth and cheap labour. Trump after the Asian trip is a marketing agent for American arms manufacturers and American too big to fail corporations. These are all long term bullish for gold and hard assets. Buying physical gold in electronic form is better than investing in a gold ETF. The pace of rise of gold will continue to lag stocks and crypto currencies.

 

Key US economic data releases are there for the next seven days. I expect big one way moves in all investment instruments before the Thanksgiving vacations next week. Silver traders need to be prepared for $150-$200 one way move either side anytime. The current $1650-$1750 trading range will be broken soon and a new range will be formed. Corrections in industrial metals and crude oil are healthy.

 

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $55.11

Bullish over $55.60 with 56.50 and $57.30 as price target

Bearish below $55.00 with $54.40 and $53.10 as price target

  • Key support is at $54.40. Crude oil needs to trade over $54.40 to rise to $56.80.
  • Crude oil will crash if it trades below $54.40.

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

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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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 -- Published: Wednesday, 15 November 2017 | E-Mail  | Print  | Source: GoldSeek.com

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