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Asian Metals Market Update: Aug 24 2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 23 August 2018 | Print  | Disqus 

The inability of gold and silver to rise despite all the positive news will prevent new investors and long term investors from investing. Indian demand for gold and silver will continue to rise till 13th September (Ganesh Chaturthi) and thereafter take a pause for a fortnight (shradh paksh) and then resume again till 4th November. Asians are buying gold and silver and will continue to buy gold and silver. I am very positive on Asian demand of gold and silver.

 

Big jump in gold prices will come only when ETF investors invest aggressively. Sentiment is for gold and silver being bearish, investors are on the fence and/or they are looking for quick buck alternates.

 

Economics & Trump trade wars

There is a perception now (after the continued dead lock on Chinese trade talks), that Trump will increase more and more trade tariffs, make the US dollar stronger and may be another round of tax cuts to divert public attention from his political woes before the US senate elections in November. Economically, the US dollar should gain. The US dollar is moving towards long term alienation due to Trump’s sudden trade tariffs even on friends. Buy some far dated put options in the US dollar Index.

 

Confusion will prevail in emerging market stocks and emerging market currencies till the US senate elections in November. Indian stock markets will rise as it is one of the progressive growth stories without any political uncertainty. However Indian stock markets will be vulnerable to sharp corrections.

 

COMEX SILVER SEPTEMBER 2018 – current price $1450.50

Bullish over $1440.00 with $1469.00 and $1496.00 as price target

Bearish below $1426.50 with $1409.50 and $1388.00 as price target

Neutral Zone between: $1426.50-$1440.00

·         Sellers will be there only below $1438 or in case silver does not break $1460.

·         Use any $30-$35 fall (if any) to buy for next week with a stop loss below $1366.

MCX SILVER SEPTEMBER – previous day close Rs.36608

·           Key support is at 36289.

·           Key resistance is at 36929.

·           Silver can get pullback rallies to 36929 and 37545 as long as it trades over 36289.

·           There will be another wave of sell off only below 36289.

·           Silver September futures are closing next week. Look for short covering.

(prices in Indian rupees above)

HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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