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GoldSeek Web

Asian Metals Market Update: Aug 28 2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 28 August 2018 | Print  | Disqus 

Gold, silver and crude oil are bullish. There will be demand on dips. Economic data releases are there from today. Key resistances need to be broken for another wave of rise.


Kerala floods and lessons for an investor

We all should be doing every bit for the flood state of Kerala. One of the most people friendly states in India. Respected father Thomas Pullickal in my school Don Bosco, Calcutta was from Kerala and had shaped us as kids. A great state with great people. Even the clients from Kerala understand and appreciate our analysis the most. In the Kerala floods, some people lost everything. Gold is the best of safe guard in natural calamities like floods etc.


In a cashless society, one will be under severe financial stress if there is a natural calamity. The ATM and internet do not work in floods, earthquakes and other natural calamities. Only gold and silver come in handy in natural calamities. Gold is the only survival medium of exchange in extreme natural calamity. Per capita consumption of gold in the state of Kerala is the highest. The state will set a model example in India on how to deal with natural calamities.


Economics & Trump trade wars

The new US-Mexico bilateral trade deal will be bullish for stocks. The auto sector and industrial metals should be the biggest beneficiary. There are chances that Canada will enter the deal to make it a trilateral deal. This will be a big relief for global financial markets which can be caught in the whirlpool of trade tariff wars.


The aftermath will be that global free trade will sink or be out of favor. Bilateral and multilateral trade will be the future norm. It will be time up for the US dollar and sunshine for gold when bilateral/multilateral trade share (as a percentage in global trade) keeps on rising. The US and its unilateral wars are the norm. There will be a saturation point, when nations and its people will unite against the wars and trade sanctions etc will be become useless. Gold will be out of bounds for the common man. Gold is on the way to become a currency of central banks. From a seven years perspective, gold is highly undervalued. Invest in physical gold. Increase portfolio allocation to thirty percent in long term investment. (I am always against investing in gold ETF and gold futures for the long term).


COMEX GOLD DECEMBER 2018 – current price $1215.80

Bullish over $1207.10 with $1223.90 and $1235.60 as price target

Bearish below $1202.90 with $1196.30 and $1189.60 as price target

Neutral Zone between: $1202.90-$1207.10

·           Gold can rise to $1233 as long as it trades over the $1206-$1210 zone.

·           Another wave of sell off will be there if gold trades below $1206.

MCX ALUMINUM SEPTEMBER – previous day close Rs.145.80

Bullish over 144.00 with 147.80 and 151.60 as price target.

Bearish below 142.90 with 140.90 and 138.20 as price target.

Neutral Zone: 142.90-144.00

One Support: 144.00

One Resistance: 147.80

·           Only a break of 147.80 will trigger a rise to 151.60.

·           Sellers will be there below 144.00

·           I am against buying Aluminum unless it breaks and trades over 147.80 till Friday.

(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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