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Asian Metals Market Update: Nov 9 2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 9 November 2018 | Print  | Disqus 

A December interest rate hike is more or less a done deal. Chances of an interest rate hike in March next year will be high. All in all this is US dollar positive news. Gold and silver new investors will be waiting for more correction. Indian gold demand will be dependent on price trend. Right now the trend for gold price in India is down. The trend of the Indian rupee against the US dollar effects price more than anything else.

 

US economic data releases include producer price index and consumer sentiment. US inflation will be on the higher side. I will be more interested in December’s trend of the US economy. Pre-election spending by political parties does boost the nation’s economy. So October and November US economic data releases will have some dose of pre-election spending and can be misleading.

 

COMEX SILVER DECEMBER 2018 – current price $1439.00

Bullish over $1470.00 with $1484.00 and $1498.00 as price target

Bearish below $1459.00 with $1449.50 and $1433.00 as price target

Neutral Zone between: $1459.00-$1457000

·         Overall trend is down as long as silver trades below 100 day moving average of $1470.

·         50 day moving average at $1447 is the immediate resistance or key price to watch.

·         Crash will be there below $1419.

·         I am against investing in silver unless it trades over $1470.

 

MCX CRUDE OIL NOVEMBER – previous day close Rs.4431.00

·           50 week moving average at 4485 is the immediate resistance.

·           Key intraday support is at 4399.

·           Trend is down as long as crude oil trades below 4485.

·           Crude oil can fall to 4399 and 4189 as long as it trades over 4485.

·           Rise or intraday bullish trend will be there over 4485.

·           Watch for short covering before the weekend.

(prices are in Indian rupees above)

COMEX COPPER DECEMBER 2018 – current price $272.90

Bullish over $274.30 with $279.10 and $286.00 as price target

Bearish below $271.90 with $269.40 and $266.80 as price target

Neutral Zone between: $271.90-$274.30.

·         100 day moving average at $274.40 is the key resistance or key price to watch.

·         Only a break of $274.40 will trigger a rise.

·         Small sell off will be there below $270.

·         There can be very sharp two moves in copper today.

HAPPY PROFITABLE TRADING

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

Follow us on Twitter @insigniaconsul1

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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              (10:30 am to 5:30 pm Indian time, Monday to Friday)   

 


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