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Asian Metals Market Update: Sep 23, 2016

Friday, September 23, 2016 13:04
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(Before It's News) / By: Chintan Karnani, Insignia Consultants / 23 September 2016

The next three days till Tuesday is very crucial for gold and silver. Either they rise or else they will fall five percent and below. People in India are refraining from buying jewelry. Law enforcement officials are over the past few months on a hot pursuit of jewelers to give them information of people who have purchased jewelry in cash or by check and above a certain value. Jewelers in India have been harassed to disclose all information about purchases and selling. As a result people are also postponing their jewelry purchases in India. The government has achieved twin objectives of reducing gold imports and unearthing black money. However the cost has been the massive layoffs of unorganized jewelry sector workers. Right from day one the Modi’s government’s policy in India is to convert India into an oligopolistic market and it is leaving no stone unturned for the same. People are looted in the long run under oligopolistic market conditions.

Technically gold and silver are mildly bullish. One needs to remain on the sidelines. There are lots and lots of key US economic data releases next week. Traders will not start taking positions for next quarter.

MCX GOLD DECEMBER 2016 –previous day close Rs.31448

Failure to break 31705 by next week will result in a fall to 31110 and 30795 first. Today gold is bullish as long as it trades over 31255. Today I prefer to buy gold if it trades over 31525 with a stop loss below 31430 and a price target of 31605 and 31705.

(all prices in Indian rupees above).


The post Asian Metals Market Update: Sep 23, 2016 appeared first on Silver For The People.

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