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Asian Metals Market Update: January-3-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 3 January 2018 | Print  | Disqus 

FOMC minutes and other market moving US economic data releases are there till Friday. US December jobs numbers will positively affect the US dollar only if they indicate an interest rate hike in March. All incoming US economic data releases need to be looked from a March interest rate hike perspective. The US dollar will get another wave knock down if there is any indication of an interest rate hike beyond March.


Flows in bond global markets need to be closely watched. Emerging markets like India, Indonesia and others will be vulnerable to outflows from their respective bond markets. The Indian rupee and Indonesian Rupiah are both gaining against the US dollar. All emerging market currencies which have gained against the US dollar should look for trend reversal from next week. I generally give weightage to trend in global financial markets from the second week of January every year. Next week is very crucial for emerging market currencies, the US dollar, metals as well as energies.


Bitcoins and crypto currencies are here to stay. There are different crypto currencies which needs to be invested carefully. All crypto currencies do not rise and fall together. Just like the standard currency markets, one needs to be careful while choosing the right investment in crypto currency. I see an Indian crypto currency exchange by next year. Every nation will either have a crypto currency exchange and it will allow trading in crypto currencies in standard exchanges. Nations want control which is the reason for the fuss. They will get partial control of crypto currency markets towards the end of the year. Crypto currencies are the best thing to happen for a gold and silver bull like myself.


COMEX GOLD FEBRUARY 2018 – current price $1317.50

Bullish over $1316.80 with $1325.50 and $1336.50 as price target.

Bearish below $1309.30 with $1302.20 and $1293.70 as price target.

  • Only a break of $1325.30 will result in $1341.10.
  • Sellers will be there if gold trades below $1309.80 with $1300.30 as key support.

MCX GOLD FEBRUARY 2018 – previous day close Rs.29162

·         100 day moving average at 29356 is the key resistance. Only a break of 293.56 will result in 30040 and 30474 in the short term.

·         On the lower side 200 day moving average at 28983 is the key support. As long as gold trades over 28983, dips should be used as investing opportunity.

(prices in Indian rupees above).

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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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