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Asian Metals Market Update: December-11-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 11 December 2017 | Print  | Disqus 

The trend of global financial markets after the FOMC meet will be interesting. Bitcoin futures has started at CBOT. The CME will start BTC futures next week. The world is attracted to bitcoin and crypto currencies. It remains to be seen how negatively the ever rising trading volumes in BTC/crypto currencies affect stock markets and bond markets globally.


Gold it seems is more of a central bank play. More and more non NATO allies’ nations are continuously increasing their physical gold reserves. Nations like India are promoting gold buying in electronic form which involves physical gold only when the buyer takes delivery. Ninety percent of the physical buyers of gold in India in electronic form will not take delivery at least for a period of one year.   Indian gold demand will be steady but not zoom next year. Fundamentals will be the key. Gold is bullish for an investment period over twelve months. Long term gold investors need not worry.


With the advent of bitcoins and crypto currencies past correlations like gold/US dollar, copper/stock markets will not work anymore. Traders, investors and hedgers using past/traditional correlations need to be very careful. There can be losses on the use of traditional correlations due to the advent of bitcoins.


After this week, gold, silver and currency markets will be more affected by political news and political events than by economic data releases. Gold should rise when political news overtakes economic news.


COMEX SILVER MARCH 2018 – current price $1586.50

Bullish over $1551.90 with $1615.10 and $1661.80 as price target

Bearish below $1533.10 with $1502.80 and $1481.50 as price target

·         Immediate support is at $1551. Silver needs to trade over $1551 to rise to $1622 and $1661.

·         A sell off will be there only if silver trades below $1551.

MCX SILVER MARCH 2018 – previous day close Rs.37055

·         Silver needs to trade over the 36451-36566 zone today to rise to 37802 and 38637.

·         Sell off will be there if and only if silver trades below 36451 to 36077 and 35744.

·         Oversold. Use sharp dips to invest for the medium term as long as silver trades over 35419.

(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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