Momentum as well as technicals for the US dollar are bearish. Everyone is short the greenback. I will prefer to look for signs of profit taking on short US dollar positions. FOMC minutes on Wednesday, US December private ADP employment numbers on Thursday and US December nonfarm payrolls on Friday will affect the short term trend of the US dollar. Last year the focus of the markets was on interest rate hikes by the Federal Reserve. Inflation should be the investment theme this year. The pace of rise of global energy prices will be closely watched. Inflation will decide the number of interest rate hikes by the Federal Reserve and other central banks this year. Inflation factor will affect bond yields. Gold always flourishes in an inflationary environment.
Iran and the paid uprising by NATO needs to be closely watched as far as geopolitical risks are concerned. Iran has Russian support. NATO should fail miserably in Iran if Putin is reelected as the Russian president in March. NATO filling Ukraine with arms should not be ignored this year. North Korea is too small a nation to affect global financial markets this year. But yes, South China sea developments should be looked at from a long term perspective.
Year to date returns of industrial metals will be closely watched this year. It will not be easy for industrial metals to match last year's returns. Fundamental, momentum as well as technical are all very bullish for industrial metals. I will prefer to look for bearish trend in industrial metals anytime after the middle of march.
COMEX SILVER MARCH 2018 - current price $1703.00
Bullish over $1688.00 with $1708-$1755.00 and $1772.90 as price target
Bearish below $1658 with $1644 and $1633 as price target
? There will be a technical breakout over $1709 to $1772.
? On the lower side sellers will be there only if silver trades below the $1688-$1696 zone.
COMEX COPPER MARCH 2018 - current price $329.70
Bullish over $332.10 with $334.60 and $340.20 as price target
Bearish below $327.80 with $325.80 and $321.70 as price target
Copper can rise to $340.20 today as long as it trades over $327.80. Sell off will be there if copper falls below $327.80. Only a daily close below $325.80 today and tomorrow will result in a short term bearish trend.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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NOTES TO THE ABOVE REPORT
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