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Asian Metals Market Update: November-30-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 30 November 2017 | Print  | Disqus 

Gold and silver fell yesterday on a technical breakdown. Gold could consolidate in a wider $1240-$1290-$1360 range for a few months. Questions are being asked to how can gold rise? Two factors can result in gold zooming over the next few months (a) There is a clear indication that global central bankers (including the Federal Reserve) will raise interest rate at a slower pace next year. (b) There is an armed attack by NATO forces in North Korea. I will prefer to use the current correction and further correction (if any) in gold and silver to invest for next year. Option traders can invest in far dated call options in gold and silver. Silver options will be cheaper than gold options. No one is interested in investing in silver. Silver could be the dark horse of next year.


One needs to trade very carefully on the last trading day of the month and first trading day of the month. There can be some fake moves. Do not get caught in the fake moves. Protect your capital.


COMEX FEBRUARY 2018 – current price $1287.50

Bullish over $1289.90 with $1295.30 and $1300.10 as price target.

Bearish below $1284.60 with $1279.10-$1276.80 and $1271.20 as price target.

Neutral Zone between: $1284.60-$1289.90

  • Failure of gold to break past $1307 by 11th December will result in a crash to $1233. (I am serious and not joking).
  • Today gold needs to trade over the $1280-$1284 zone to rise to $1296 and $1300.

MCX GOLD FEBRAURY 2018 – previous day close Rs.29334

·         Support is at 29234. Gold needs to trade over 29234 to rise to 29469 and 29612.

·         Trend is down. There will be a sell off if gold trades below 29234 after the UK opens to 29156 and 28960.

(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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