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Asian Metals Market Update: May-14-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 14 May 2018 | Print  | Disqus 

The US wants a major chunk of the investments in North Korea if a deal is reached on nuclear disarmament. This is my view for North Korea. Iran wanted to abandon the US dollar for crude oil pricing with cancelling of nuclear deal as a fall out. Trump further has reversed the ZTE Corp order so that it can negotiate with the Chinese. Gold bulls are caught between the devil and deep sea. On one hand Korean peace and temporary resolution of the ZTE issue is bearish for gold. Iran and rising crude oil prices will ensure that gold prices rise albeit at a snail’s pace.


Economic data releases from the US, UK and Eurozone need to indicate delayed interest rates to have any impact on equities as well as metals. Emerging markets currencies should gain against the US dollar as higher inflation results in higher interest rates. Interest rate factor is the key news for global financial markets for the next month. Every news item will be scanned for impact on interest rates.


COMEX SILVER JULY 2018 – current price $1675.00

Bullish over $1660.00 with $1687.50 and $1701.40 as price target

Bearish below $1653.70 with $1646.10 and $1634.70 as price target

Neutral Zone between: $1653.70-$1660.00

       Silver needs to trade over $1660 today to rise to $1701.70.

·         In case silver does not break $1701.70 by tomorrow, then fatigue will return and a sell off to $1622.20 and $1589.40 could be there.

·         Today and tomorrow are crucial for silver prices.

·         Sellers will be there below $1660.

·         Expected wide trading range: $1638.70-$1711.70

Silver July 2018:  (previous day close/CMP Rs.40541)

Support: 39361-39951-40090-40263

Resistance: 40819-41131-41721-42288

·         Silver needs to break the previous double top at 40769 to rise to 41131 and 42288.

·         Sell off will be there if (a) Silver does not break 40769 (b) Silver falls below 39951.

·         Those who are short in silver use a trailing stop loss over 41270 and forget.

·         If you are long in silver use a trailing stop loss around 39951.

·         I am against making new short term investment in silver unless it breaks and trades over 41131.

(prices are 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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