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Asian Metals Market Update: January-18-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 18 January 2018 | Print  | Disqus 

The Federal Reserve’s beige book stressed on the sustained strength of the US economy. This implies quicker interest rate hikes. Gold fell as a result. To me the correction in gold and silver is a part of the impeding sharp rally. However if gold and silver fall today, then chances of $1292 and $1673 and below will be very high. Short term buyers will turn into sellers. It’s a big day for gold and silver from a technical perspective.


Physical buyers of gold and silver will be looking for signs of a bottom formation. The crash in bitcoin/crypto currencies is also a positive for bullion. Those who have lost money in trading in bitcoin will also start investing in gold in small amounts. In my view the age group which were very aggressive investors in crypto currencies were mainly between fifteen and thirty. This age group have learned an early investing lesson. Whenever retail investors behave like a herd, I try to look for signs of a top so that I can exit. Investing in the early part of the herd behavior gives maximum profit. Why go to Las Vegas and Macau when I have the same in the form of bitcoins in my mobile. Now is the time to increase your allocation in safe havens like physical gold from ten percent to twenty percent for long term investment.


COMEX GOLD FEBRUARY 2018 – current price $1326.40

Bullish over $1337.10 with $1341.80-$1347.90 as price target.

Bearish below $1329.40 with $1320.60 and $1304.10 as price target.

Neutral Zone between: $1329.40-$1337.10

  • Gold can fall to $1320.60 and $1305.10 as long as it trades below $1331.
  • A daily close below $1325 today and tomorrow will be very bearish in the short term.
  • Watch $1325 all the time.

COMEX COPPER MARCH 2018 – current price $319.90

Bullish over $323.40 with $326.10 and $328.80 as price target

Bearish below $318.40 with $316.40 and $312.90 as price target

Neutral Zone between: $318.40-$323.40

  • There is a technical congestion between $316.40-$318.40. There will be quick fall to $311.60 and $306.30 if copper falls below the $316.40-$318.40 zone.
  • Watch $318.40 all the time.


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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