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Asian Metals Market Update: January-16-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 16 January 2018 | Print  | Disqus 

Look for signs of profit taking in gold and silver as US markets reopen. Any further rise in gold and silver will be dependent on the ability or inability to break past key resistances of $1358 and $1754. Over the past two years gold has not been able to break $1380. It will not be easy to break $1380 on fears of sharp correction. However in case gold breaks and trades over $1380 anytime before 31st March, then chances of $1522.80 and $1649.50 will be very high. Direction of global bond yields and direction of energy prices will be the key mover for gold prices till June.


The next two days are very crucial for the US dollar. If it continues to fall then another ten percent more could be there. Technically the US dollar is oversold but momentum is bullish. One should look for signs of trend reversal in the US dollar for the next two days. I do not think that geopolitical risk will affect bullion.


Pre Chinese New Year trading will affect industrial metals. Zinc, lead, nickel and aluminum is they rise today and tomorrow can rise twenty percent in the short term. Copper caution is needed. Except copper and nickel, all industrial metals are over brought.


COMEX GOLD FEBRUARY 2018 – current price $1338.90

Bullish over $1347.10 with $1353.80-$1358.00 and $1370.30 as price target

Bearish below $1334.20 with $1325.40-$1325.50 and $1309.80 as price target.

  • Gold can correct to $1325.50 and $1309 in case it does not break $1348 today.
  • Only a break of $1348 will trigger a rise to $1358 and $1370.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $64.53

Bullish over $63.90 with $66.10 and $67.80 as price target

Bearish below $62.60 with $62.00 and $60.80 as price target

  • Crude oil can rise to $65.70 and $67.00 today as long as it trades over $62.60.
  • Sellers will be there below $62.60 today.
  • I am against going long in crude unless it breaks and trade over $65.20 with a trailing stop loss below $64.30.


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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