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Asian Metals Market Update: January-23-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 23 January 2018 | Print  | Disqus 

Trade war and protectionism across the world should be bullish for gold, silver and other safe havens. US President Donald Trump slapped tariffs on imported solar panels and washing machines, his first major trade move. Chinese solar companies will be the looser. India had also imposed anti-dumping duty on Chinese solar panels. Every nation is following a “protectionism policy” under the garb of unfair global trade practice. Retaliation will be there along with new trade blocks. Gold and safe havens will get the benefit of doubt.


It is time to once again take a look at Syria’s Northern borders. Turkish troops have been attacking Kurds in northern Syria. Turkey now has one the best air defense systems in the form of Russian S-400. Russia is a major player in Syria. The new Russian-Turkey axis will be a big challenge for NATO in the Syrian region. Developments in the northern Syrian region will only get worse with passage of time. Gold will also get renewed support from the developments in Syria.


It will be either zoom or bust scenario for gold, silver and copper in the next two weeks. One should be prepared for ten percent either side move in gold, silver and copper. I will prefer to be long in gold only on a break of key resistances. Those who are interested in going long in gold should use a trailing stop loss of $1292 and forget. Short term investment in gold is not recommended unless one is prepared to take a risk of $40. As a long term silver bull, I will prefer to use sharp dips in silver prices to invest in silver. I personally do intend to use sharp dips in silver prices (if any) to invest in physical silver for next year.


COMEX SILVER MARCH 2018 – current price $1704.00

Bullish over $1695.00 with $1720.40-$1735-$1756.10 as price target

Bearish below $1678.70 with $1671-$1653 and $1638.60 as price target

·         Silver will break free from $1680-$1740 trading range and form a new range.

·         One needs to remain on the sidelines at current prices.

·         Only a fall below $1680 will trigger a crash.

MCX SILVER MARCH 2018 – previous day close Rs.38979

·         100 day moving average is at 39279.

·         200 day moving average is at 39096.

·         200 week moving average is at 39261.

·         Silver will zoom if it manages to break and trade over 39279 (100 day MA).

·         Key support for the rest of the month is at 38409. Silver can rise to 40089 and 40781 as long as it trades over 38409.

·         Short term bearish trend will be there only on a fall below 38409.

·         Day traders and short term investors need to remain on the sidelines at current prices.

(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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