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Asian Metals Market Update: December-7-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 7 December 2017 | Print  | Disqus 

Focus of the markets is on US November nonfarm payrolls tomorrow. Next week is the Federal Reserve meeting, the European central bank meeting and the Bank of England meeting. The European central bank’s tapering view for the first quarter of next year can shake the markets. I do not expect the Federal Reserve to cause any furor. The new Federal Reserve chairman in February could be the bartender for global financial markets.


The US dollar could weaken if there is any indication that US payrolls (NFP) could consolidate in a 160,000-230,000 range for the next few months. Investors always look for incremental job numbers. I do not think Trump recognizing Jerusalem as the Israel capital will have any short term impact on currency markets.


Central banks it seems are keen to tax gains from bitcoin trading. They are being realistic. Central banks know that they cannot finish bitcoin/crypto currency trading. Central banks and governments globally also want to make a quick buck by taxing capital gains from crypto currency trading. As more and more exchanges start bitcoin trading, the current crypto currency exchanges will either merge with the legal ones or will merge other unrecognized ones. In crypto currencies it could be a battle between state backed exchanges and so called illegal exchanges.


COMEX SILVER MARCH 2018 – current price $1599.50

Bullish over $1593.30 with $1621 and $1644 as price target

Bearish below $1582.40 with $1569.20 and $1552.80 as price target

·         Silver can fall to $1582.50 and $1547.60 if it does not break $1621.

·         A daily close below $1600 today and tomorrow can be very bearish for next week.

MCX SILVER MARCH 2018 – previous day close Rs.37444.

·         Hundred percent retracement is at 36935. Silver needs to trade over 36935 till next week to rise to 38679.

·         Trend is down. But another wave of sell off will be there below 36935 to 36485 and 35388.

(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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