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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 15 June 2015 | Print  | Disqus 

I am not sure whether the FOMC meet will have any big impact in gold and silver or the US dollar. They have been discreet on their interest rate stance. A September interest rate hike has been more or less factored in. Everything from equity markets to bond markets, currency markets and commodity markets have all factored in a September hike. If the Federal Reserve does not want the US dollar to strengthen, then this will give some indication of postponement beyond September. Any indication of a switch to December will result in a massive rise in gold, silver, copper and crude oil along with a ten percent fall in the US dollar index (in the short term).

The best way to trade the FOMC is to have medium term/long term support and resistances in hand and make the trade accordingly. Day traders and jobbers should trade only if one is on the screen.

After the FOMC meet, the summer trading period for commodities will start. This period will last till the September FOMC meet. My personal view is that one should use the gold, silver and copper fall (between June FOMC meet and September FOMC meet) to invest for next year March.

In the past fifty years, this is the least peaceful world. NATO expansionist attitude and the resultant creation of the Islamic state has moved every nation directly or indirectly in a war zone. Our elected representatives are spying on us like never before in history. It seems that the law is only for the hyper rich. Government atrocities on the common man is even worse than Hitler. NATO and its supporters are the worst abusers of the phrase “Human right abuses”. Everyone knows this and has felt this in some form. Gold, gold backed currencies or metal backed currencies will be the norm of the future. However in the short term, I repeat once again, the fall can be scary.

COMEX TECHNICAL VIEW

COMEX GOLD AUGUST 2015 – current price $1180.60

Bullish over $1174.30 with $1191.70 and $1199.90 as price target

Bearish below $1166.20 with $1157.20-$1145.00as price target

Neutral Zone between $1166.20-1174.360

Jobbers aggressive buy over: Buy if gold trades over $1185 in the UK session stop loss $1181 for $1191-$1197

Jobbers aggressive sell below: We are against selling unless (at lower prices) unless gold falls below $1174.

  • Gold needs to trade over $1174 to prevent another wave of selling.
  • Jobbers watch $1174/$1185.10 all the time.

COMEX SILVER JULY 2015 – current price $1588.00                     

Bullish over $1607 with $1626-$1647 and $1665 as price target

Bearish below $1570 with $1547 and $1527 as price target

Neutral Zone between: $1570 and $1607

Jobbers aggressive buy over: Buy over $1610 stop loss $1597 for $1627-$1655 and $1688 (high risk call)

Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1570.

  • Silver needs to trade over $1600 for the whole day to attract short covering.
  • This week’s closing is very critical for silver.
  • Jobbers watch $1580 and $1607.

COMEX COPPER JULY 2014 – current price $267.15

Bullish over $271.10 with $277.70 -$283.40 as price target

Bearish below $269.00 with $265.30-$261.00 as price target

Neutral Zone between: $269.00 and $271.10

  • Copper will be another wave of selling below $263.
  • Right now copper is in a neutral zone to bearish zone.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $59.69 

Bullish over $60.10 with $61.70 and $63.10 as price target

Bearish below $59.30 with $58.30 and $57.60 as price target

Jobbers buy over: Buy over $61.40 stop loss $60.90 for $63.10

Jobbers sell below: Sell below $59.90 stop loss $60.60 for $58.40-$57.30 (high risk call)

  • Crude oil will track the US dollar.
  • There will be another wave of rise over $63.00

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: Monday, 15 June 2015 | E-Mail  | Print  | Source: GoldSeek.com

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