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Asian Metals Market Update: January-12-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 12 January 2018 | Print  | Disqus 

Happy Lohri, Makar Sankranti and Pongal to everyone

Monday US markets are closed. Traders will take positions for Tuesday. The hawkish European central bank meeting also supported gold prices. Next week, the Federal Reserve Beige book and US housing numbers will affect metals as well as currency markets. Traders expect a strong growth view from the Federal Reserve. If consumer price index numbers today also come in on the higher side of the expectation curve, then chances of a March interest rate hike will increase.


In the remaining two weeks of January, it will be a technical trade with physical demand as the key factor for gold and silver. Comex Gold January futures are expiring in around two week’s time. Position squaring and rebuilding will start for end March in gold. Easter’s in March, Holi (festival of colors in India) is also in March this year, Gold demand in Asia should be on the higher side of the expectation curve for the remainder of the quarter.


The Chinese will be closing their factories before the New Year. Chinese demand for Industrial metals will fall in the first three weeks of February. Momentum as well as technical for copper, zinc, nickel and aluminum are very bullish. One should look for signs of correction on or before the first week of February.


COMEX GOLD FEBRUARY 2018 – current price $1326.00

Bullish over $1321.90 with $1333.60 and $1347.10 as price target

Bearish below $1315.90 with $1309.60-$1304.90 and $1297.50 as price target.

  • Gold can rise to $1347.10 and $1358.60 as long as it trades over $1313-$1315 zone.
  • Sellers will be there below $1313 only.

MCX NICKEL JANUARY 2018 – previous day close 802.40.

·         Nickel needs to trade over 792.50 today to rise to 817.20 and 834.10.

·         Sell off will be there below 792.50 to 785.70 and 779.30.

·         Crash will be there only below 779.30.

(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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