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Asian Metals Market Update: June-3-2016



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 3 June 2016 | Print  | Disqus 

Momentum is bearish for gold and silver. Traders are of the view that the Federal Reserve will raise interest rates irrespective of the outcome of the US employment situation. All parameters of the US economy (other than employment) have exceeded expectation in April and May. Hence the need to raise interest rates. In my view, the chances of an interest rates hike will reduce considerably if the US may nonfarm payrolls comes in at or below 160,000.

 

It could be that the Federal Reserve wants a stronger US dollar right now and a weaker US dollar right before the presidential vote. There is biased approach by the Federal Reserve to support the democrats. Current policies of the Federal Reserve are being tailor made to ensure a democrat comes to power. This is also the key reason why gold is not rising. I believe that gold prices will zoom if and when there any higher chances of a democrat becoming the US president. Energy prices will zoom if a republican becomes the US president. Crude oil drilling companies and crude oil refiners have traditionally supported republicans. Till November the US administrators will push all their efforts and energies towards a democratic win. It remains to be seen if they succeed or not.

 

Physical demand for gold and silver is more or less absent in Asia. Traders may wait till the FOMC meet and then buy. Momentum is bearish for gold and silver. Look for signs of trend reversal.

 

COMEX GOLD AUGUST 2016 – current price $1212.45

100% retracement is at $1191.50. Gold needs to trade over $1191.50 to rise to $1244 and $1288 (till next week). There will be another big sell off below $1191.50 to $1158 and $1111. Momentum is bearish. Only a break of $1237 will attract short covering.

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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NOTES TO THE ABOVE REPORT

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 -- Published: Friday, 3 June 2016 | E-Mail  | Print  | Source: GoldSeek.com

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