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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 9 July 2015 | Print  | Disqus 

Physical demand for all precious metals and base metals will increase sharply as long as they trade over this week’s low. In my view shocks of any kind result in overshooting or undershooting by fifteen percent followed by a trend reversal. Greece is not the culprit. China is the culprit for base metals and silver’s fall. I do not believe that Chinese economy is down and out. The Chinese are making policy changes to increase domestic consumption and reduce reliance on exports. China is just going through this transition phase.

Greece will be a part of Europe. The Eurozone council members are just putting a hard face from the outside for the world. They know they will bend, Greece has nothing to lose.

Physical demand for gold and silver from jewelers will start from zero today all over Asia. There will be a pickup in demand from next weekend.     

COMEX TECHNICAL VIEW

COMEX GOLD AUGUST 2015 – current price $1156.0

Bullish over $1161.60 with $1167.10 and $1184.10 as price target

Bearish below $1149.00 with $1143.70-$1136.30 as price target

Neutral Zone between $1149.0-1161.60

Jobbers aggressive buy over: Buying at $1121 stop loss $1108 for $1141-$1171 OR Buy over $1157 stop loss $1148 $1171-$1184

Jobbers aggressive sell below: There will be another wave of selling only below $1149.

  • Gold needs to trade over $1156 to rise to $1171 and $1186
  • There will be sellers only if gold trades below $1149 either in the UK session or the US session.
  • Jobbers watch $1157 all the time.

COMEX SILVER SEPTEMBER 2015 – current price $1526.0

Bullish over $1520 with $1547-$1580-$1607 as price target

Bearish below $1480 with $1467 and $1430 as price target

Neutral Zone between: $1480 and $1520

Jobbers aggressive buy over: buy at $1370 stop loss $1347 for $1520 or buy over $1533 stop loss $1508 for $1580 and $1620 (high risk call)

Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1487 either in the UK session or the US session.

  • Silver needs to trade over $1500 to rise to $1560 and $1620
  • Jobbers watch $1500 and $1533.
  • Silver is not out of the woods yet.

COMEX COPPER SEPTEMBER 2014 – current price $243.20

Bullish over $243.00 with $253.30 -$260.10 as price target

Bearish below $236.00 with $231.10-$223.20 as price target

Neutral Zone between: $236.00 and $243.00

  • Copper needs to trade over $238 to rise to $262
  • Jobbers watch $243 all the time.
  • There will be another wave of selling if copper trades below $238 either in the UK session or the US session.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $52.08

Bullish over $52.70 with $54.00 and $56.90 as price target

Bearish below $51.30 with $50.70 and $49.30 as price target

Jobbers buy over: I am against buying unless crude oil trades over $52.90

Jobbers sell below: Sell below $51.90 stop loss $52.60 for $50.40-$47.40

  • Key support till Friday is at $51.40. Crude oil needs to trade over $51.40 to rise to $56.00 and $61.30.
  • The next wave of sell off will be only below $51.00
  • Right now momentum is bearish. However short sellers need to be careful as long as crude oil trades over $51.00

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: Thursday, 9 July 2015 | E-Mail  | Print  | Source: GoldSeek.com

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