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Asian Metals Market Update: November-21-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 21 November 2017 | Print  | Disqus 

Disappointed is the word. Yes gold and silver fell as investors switched to bitcoin. In the short term the inverse correlation between gold and bitcoin will continue. This failure of gold to break past $1300 will result in more and shorter selling at higher prices. Silver continues to range trade. It will break free from the $1660-$1740 trading range and form a new range very soon. Political issues from the Eurozone failed to impact the euro as investors focused on economic fundamentals. News will be the key.

 

Gold, silver and copper December futures are expiring in ten days time. There will be position squaring and rebuilding for January. I do not foresee any trend changing moves in gold and silver for the rest of the year unless there is a big leap in geopolitical risk. The current range trade in gold can be much longer than most of us expect.

 

COMEX SILVER DECEMBER 2017 – current price $1697.10

Bullish over $1705.00 with $1728.60 and $1765.50 as price target

Bearish below $1695.30 with $1680.80 and $1666.20 as price target

·         Silver needs to trade over $1705 to rise to $1734.

·         Silver will crash if it trades below $1705 after London opens.

·         I am against going long in silver at current prices and will prefer for some correction and then invest.

MCX SILVER DECEMBER 2017 – previous day close Rs.39261

·         100 day moving average at 39183 is the key support.

·         There will be a sell off below 39183 to 39015 and 38562.

·         Trend is down. Silver needs to trade over 39625 today to be in bullish zone.

(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

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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: Tuesday, 21 November 2017 | E-Mail  | Print  | Source: GoldSeek.com

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