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Asian Metals Market Update: January-31-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 31 January 2018 | Print  | Disqus 

Trump is a joker. It is better to ignore his state of the Union address and focus on economic fundamentals and central bank excesses. The US January ADP employment number will impact currencies and precious metals only if it is on the extreme higher/lower side of expectation. Physical demand for gold and silver will be the key. There will be a sell off if there is no physical demand for gold silver and/or investment demand from the ETF sector.


Gold buyers are apprehensive at current price. Over the past eighteen months, gold prices have not been able to trade over $1340 for a long period of time. Silver users are buying only to meet current price. Silver industrial users and silver jewelers will not increase stock as there is NO indication for silver prices to zoom in the immediate future. Key technical breakouts will be the key to ensure that there is panic buying of gold and silver users. I will prefer to use sharp dips till Friday (before the release of Nonfarm payrolls) to go long.


The fall in crude oil prices is just a correction. If crude oil prices fall on Friday before close, then it will move into a short term bearish phase with 60.10 and $58.10 as price target by next week. Crucial time for crude oil bulls till Monday.


COMEX GOLD APRIL 2018 – current price $1341.80

Bullish over $1337.10 with $1351.20 and $1381.10 as price target

Bearish below $1329.10 with $1323.60 and $1314.80 as price target

Neutral Zone between: $1329.10 and $1337.10

  • Gold needs to trade over $1329.10 to rise to $1351 and $1366.60.
  • Crash will be there if gold trades below $1333.50 for the rest of the day OR in case gold does not break $1351.20.

MCX NICKEL FEBRUARY 2018 – previous day close Rs.854.70

·         Nickel can fall to 828.70 and 789.20 as long as it trades below 898.30.

·         Immediate support is at 850.60. Immediate resistance is at 864.40.

·         I am against investing in nickel for the short term unless it trades over 898.30 with some trailing stop loss.

·         Only a break of 898.30 will result in 947.20 and more.

(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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