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Asian Metals Market Update: January-5-2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 5 January 2018 | Print  | Disqus 

Gold rose despite some better than expected US December private ADP numbers. The US dollar is still on the weaker side against the euro and sterling. This is the best chance for gold to rise to the $1400-$1430 zone and for silver to test $2000. FOMC minutes preventing a gold price fall is very positive for bullion in the near term. Investors know that the chances of a quicker interest rate hike by the Federal Reserve are high. Still gold rising is a very positive sign. I expect short gold positions to be converted into long positions if it rises today.

 

Physical demand for gold and silver in India is not big at the moment. The Indian Hindu marriage season starts early this year and has an early summer close due to the extra inauspicious “Maal Maas” in May. Marriages will be early. Indian gold jewelry demand will be on the higher side and early this summer. I expect Indians to use the current prices and further prices to buy more gold and gold jewelry. There were no major natural calamities in India last year. This will result in higher rural demand for gold due to the rise in income of farmers. There is a direct correlation between Indian stock prices and Indian gold demand. Indian stock markets are still near a historical high.

 

Copper and industrial metals can move ten percent either side anytime. Either they break key resistances or else there will see a sharp correction. I will prefer to remain on the sidelines in industrial metals at current prices.

 

COMEX SILVER MARCH 2018 – current price $1724.50

Bullish over $1719.00 with $1735.50-$1755.00 and $1772.90 as price target

Bearish below $1705 with $1688 and $1658 as price target

·         Silver can rise to $1755 and $1795.50 today as long as it trades over $1700-$1705 zone.

·         Sell off will be there only if silver does not break $1745.

MCX SILVER MARCH 2018 – previous day close Rs.39276

·         100 week moving average at 39347 is the immediate resistance.

·         Silver needs to trade over 39347 to rise to 39714-39904 and 40658.

·         Support is at 38628. Bearish trend will be there below 38628.

·         A daily close over 39347 today and open over 39347 on Monday will result in 42276 in the short term.

(all prices in Indian rupees above)

HAVE A GREAT WEEKEND AND A VERY PROFITABLE DAY

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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