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Asian Metals Market Update: March-5-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 5 March 2018 | Print  | Disqus 

The Italian election will have an impact on the euro and will also affect decision making among Eurozone members. Merkel gets a fourth term in Germany. I do not foresee a sustainable government in Germany. Merkel’s pro migrant chant will reduce if she needs to stay in power. Even new Italian leaders will support the need to take in less migrants. Less migrants implies less chaos and lawlessness in the Eurozone although the damage has been done. Eurozone developments will not have a significant impact on gold prices. Only the European central bank meeting on Thursday will have an impact if there is confirmation over the time frame of liquidity reduction measures.


Any significant reversal by Trump on additional taxes on steel and aluminum will be bullish for the US dollar and bearish for gold and silver. News will be the key going forward. Nonfarm payrolls will tell us whether there will be an interest rate hike this month or not. I do not foresee an interest rate hike by the Federal Reserve this month. The Trump administration is unpredictable. Better to react after the news than act before.


Gold is only supported by protectionism related news. Gold would have crashed but for protectionism. Physical buyers will be on the sidelines. Once again gold has to break and trade over $1380 by 21st March to zoom. In case gold does not break $1380 by 21st March, then it will trade in wider $1272-$1332-$1380 range.


Right now the fall in zinc, lead and copper is just a correction and an investment opportunity. If they fall this week too, then they will move into a short term bearish phase. I will prefer to use sharp correction in nickel (if any) to invest for the long term.


COMEX SILVER MAY 2018 – current price $1659.00

Bullish over $1644.00 with $1674.60-$1689.30 and $1702.60 as price target

Bearish below $1633.30 with $1625.20-$1618.60 and $1603.80 as price target

·         Silver needs to trade over $1625-$1633 zone to rise to $1689 and $1702.

·         Sellers will be there below $1625.

MCX SILVER MAY 2018 – previous day close Rs.38848

·         200 week moving average at 39158 is the key resistance.

·         Silver needs to break and trade over 39158 this week to rise to 39606 and 40103.

·         Immediate support is at 38530. There will be sellers only if silver trades below 38530.

(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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