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Asian Metals Market Update: December-8-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 8 December 2017 | Print  | Disqus 

Gold needs to trade over $1236-$1240 zone till next week to prevent it from falling to $1216 and $1202. Silver needs to trade over $1540 till next week to be in a long term bullish zone. Gold and silver will zoom if and when this bitcoinmania comes down to earth. No one is invincible. I am sure bitcoin prices will stabilize sooner than later. Once bitcoin prices stabilize, gold and silver will zoom. Jerusalem is a wait and watch for the global financial markets. So far this year developments in the Middle east and North Africa have failed to lend any support to gold prices. Jerusalem developments could support gold prices if it divides the nations supporting the USA.


Industrial metals are at a critical technical level. They need to trade over current prices to prevent a crash. Direction of all metals and energies after the release of US November nonfarm payrolls will be the key. Do not react just by the headline numbers. Low risk traders wait for at least thirty minutes after the release of the numbers and then trade.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $56.63

Bullish over $56.60 with 57.20 and $57.80 as price target

Bearish below $55.80 with $55.20 and $53.90 as price target

  • There is a technical congestion between the $55.80-$56.60 zone. There will be a technical breakdown if crude oil trades below $55.80 to $55.20 and $53.80.
  • Only a break of $57.30 will attract short covering.
  • Use any $3-$4 fall (if any) to buy for the December end with a stop loss below $49.10.

MCX COPPER FEBRUARY 2018 – previous day close Rs.426.25

·         Trend is down as long as copper trades below 100 day moving average of 431.90.

·         Copper is caught between long term bulls and short term bears.

·         There is a technical congestion between the 416.70-422.10-425.50 zone. Copper needs to trade over this zone for the rest of the month to rise to 441.40 and 469.70.

·         Short sellers trade very carefully as long as copper does not fall below 416.70-422.10-425.50 zone.

·         I am against buying copper unless it trades over the 100 day MA of 431.90 with some trailing stop loss.

(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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