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Asian Precious Metals Update: June-1-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 1 June 2016 | Print  | Disqus 

Gold needs to fall below $1206 or break and trade over $1234 for direction.

Either gold breaks and trade over $1234 by Friday or else it will breakdown to $1197 and $1174. Gold is now at cross roads. Silver is looking mildly bearish and needs to trade over $1588 to prevent a big crash. Crude oil needs to trade over $48.30 to continue its bullish run. I prefer to wait and watch before going long in copper.


US may private ADP numbers may or may not set the direction for gold and silver. There are a lot more events this month to effect short term direction. In the very long term I remain bullish on gold and silver. However in June, I prefer to be fence sitter. June is a month where you can make big money or loose big money. The choice is yours which side you want to be. There will be times when one needs to make a quick decision. There will be times when patience will be the key. Every day trading situation will be different in June. Situational decision making on your trades will be the key.


Do not go buy news on the internet. One day citi bank says gold prices will fall to $1000 and below in the near term. Then after a week, Citibank says that it is a right time to invest in gold. Gold crashes after the news that the big three Soros, Buffet and Rogers are investing in gold. Investors have got confused on their gold investment. This is further accentuated by indirect manipulation of gold prices. Federal Reserve interest rate stance negatively affecting gold prices. As long as Federal Reserve does not raise interest rates twice, gold prices will be (to a certain extent) at the mercy of Federal Reserve. In short term central banks are accumulating gold whereas they are compelling retail investors to shun gold.


COMEX SILVER JULY 2016 – current price $1600.00

Bullish over $1607 with $$1647and $1676 as price target

Bearish below $1588 with $1569 and $1544 as price target

Neutral Zone between: $1588-$1607

Jobbers aggressive buy over: Buy at $1570 stop loss $1549 for $1647 and $1696

Jobbers sell below: High risk traders sell silver at $1660 stop loss $1696 for $1588 and $1555.

·        There is a tecnical congestion between $1588-$1607 zone. Big crash only if silver trades below this zone either in UK session or US session.

·        Today I prefer to remain on the sidelines despite the bearish trend.

·        Jobbers watch $1617 and $1598 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $48.76

Bullish over $48.60 with $51.70 and $53.80 as price target

Bearish below $46.90 with $45.10 and $42.70 as price target

Jobbers buy over: Buy at $48.60 stop loss $46.80 for $52.20

Jobbers sell below: Sell at $53.10 stop loss $55.80 for $49.10

·        I am against buying crude oil unless it breaks and trades over $50.60.

·        There will be a sell off if crude oil trades below $48.40 either in UK session or US session.

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.

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