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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 2 July 2014 | Print  | Disqus 

Apart from geopolitical risk, US June private ADP numbers today will be the key. War is always positive for gold and other safe havens. The whole of Middle East, North Africa and eastern Ukraine is a war zone. US policies in these regions (if one looks behind the lines) are not towards restoring peace and that they have a different agenda. The USA may be successful in the next few years as long as Barack Obama is there. In the long term, I believe that Islamic fundamentalists will gain so much power and clout that it will be nearly impossible to eliminate them.

The Islamic fighters fighting in Iraq are not people from Iraq. They are Islamic youths brainwashed by Islamic religious fundamentals from every nook and corner of globe. They will keep on expanding. The number of people converting to Islam (from Christianity) in Europe, the USA and other white nations is growing at an unthinkable pace. The USA, Europe and other key Christian nations need curb their rise. In case they do not start imposing curbs on growth on the rise of Islamic fundamentalism in their nations, I believe that Christians will become a minority in Europe and the USA (in the next thirty years). As long as there is a rise in Islamic fundamentalism globally, gold and silver will continue to rise.

Technically speaking gold needs to break and trade over $1366 by next week for another wave of rise. In case gold does not break $1366 by next week (11th July), then it will fall to $1292 and $1262. I remain positive on gold.  Silver needs to break $2174 by Monday for another wave of rise. 

TECHNICAL VIEW

COMEX GOLD AUGUST 2014 – current price $1326.40

Bullish over $1316.00 with $1342.00 and $1366.00 price target

Bearish below $1305.00 with $1296.00 and $1287.00 as price target

Neutral Zone between $1305 and $1316

  • A break of $1337 will result in $1362-$1392
  • Initial support is at $1316.00
  • Jobbers buy if and only if gold trades over $1337

MCX GOLD AUGUST – prices in Indian rupees

Gold needs to trade over 27600 today to target 28030-28300. There will be sellers if gold trades below 27600 either in UK session or US session

Gold view till Monday: Gold needs to fall below 27300 or break 28300 for direction. Bearish trend will be there if and only if gold does not break 28300 by Monday.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific 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

Follow us on Twitter @insigniaconsul1

UK session starts around 1:30 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.

APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT

COMEX GOLD – $15-$17

COMEX SILVER: $25-$30

COMEX COPPER: $3

NYMEX CRUDE OIL: $0.60

SPOT SILVER: $0.25

SPOT GOLD: $15-$17

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

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

 


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 -- Published: Wednesday, 2 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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