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Asian Metals Market Update: November-27-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 27 November 2017 | Print  | Disqus 

Bitcoin can rise much more than most of us expect. The real euphoria has just begun. Banks, broking houses and hedge funds do not want to miss the opportunity from providing client services on bitcoins. Even exchanges want to cash on the bitcoin hype. Global retail participation (in bitcoin) is not even ten percent of the potential. So far the rise in crypto currencies has impacted investment demand of gold and silver. If bitcoin continues to rise next year at even one fifteenth of the current year’s pace, then it will start affecting investment demand in stock markets and bond markets. A continued rise in bitcoin is bullish for gold as some of the traders will soon start hedging bitcoin trades with gold.


Traders will assess the impact of US economic data releases on the FOMC meet next month. “What after the December interest rate hike” by the Federal Reserve is something which every investor will be looking at for the rest of the year. The European central bank’s tapering agenda will also affect currency markets and bullion prices. If crude oil prices continue to rise, then global interest rates hike for next year will be on the higher side of the expectation curve.


Direction of the US dollar will be key to every market. I foresee a short correction anytime in December. Bubbles are formed when all investment instruments rise at the same time. Stocks and bonds will move into a bubble zone next year if they do not correct in December.


COMEX SILVER DECEMBER 2017 – current price $1700.80

Bullish over $1694.00 with $1724.90 and $1738.50 as price target

Bearish below $1684.00 with $1673.40 and $1659.40 as price target

·         Silver can rise to $1724 and $1738 as long as it trades over $1694.

·         Sell off will be there only if silver trades below $1694.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $58.70

Bullish over $58.10 with 59.70 and $60.70 as price target

Bearish below $57.30 with $56.80 and $55.40 as price target

  • Crude oil needs to trade over $58.10 till tomorrow to rise to $60.60.
  • There will be sellers below $58.10.

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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