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Asian Metals Market Update: January-22-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 22 January 2018 | Print  | Disqus 

Every week there is some news to for traders and investors to think about. Long term and medium term investors need not scrutinize news in a big way. Short term investors and day traders have to look at each and every news item as it is difficult to predict a reaction after any news. One should have key technical support before hand with him. One should also look for breakout price points and then trade. Low risk day traders should trade for less profit.


It has been a muted reaction to the US government shut down. Gold should have risen and the US dollar nosedived due to the US government shutdown. Since there is not a major stoppage in the functioning of the US government, markets are waiting for more news. The Bank of japan meeting and the European central bank meeting this week will affect currency markets and bond markets. The Euro has reached fair valuation against the US dollar. There has been a small reduction in net long positions of the euro against the US dollar. The next two weeks are very crucial for euro/usd. Be prepared for five hundred to six hundred pips one way moves (in euro/usd) anytime in the next week. Big moves in currency markets will affect gold and silver also.


Industrial metals price will be dependent on Chinese demand and expected Chinese demand from March onwards (after the Chinese New Year vacations are over). Zinc and lead and aluminum are all firm. Nickel is still undervalued. There is expectation that global Iron Ore prices can see a short term correction. Zinc if it rises this week can rise five percent more by next week.


COMEX GOLD FEBRUARY 2018 – current price $1331.30

Bullish over $1326.90 with $1336.40-$1344.90 as price target.

Bearish below $1322.60 with $1317.40-$1313.10 and $1308.70 as price target.

  • Gold needs to trade over $1326.90 today to rise to $1349.15.
  • Sell off will be there below $1326.90 with $1318.30 as the key support till tomorrow.

MCX GOLD FEBRUARY 2018 – previous day close Rs.29755.00

·         Gold needs to trade over 29700 this week to rise to 30055 and 30335.

·         Sellers will be there below 29755 with 29605 as immediate support and 29455 as key weekly support.

·         Bearish trend will be there only below 29455.

·         This is a shortened trading week for India. Friday MCX is closed (full day) due to republic day holiday.

(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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