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Asian Metals Market Update: June-7-2016



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 7 June 2016 | Print  | Disqus 

It is better to ignore the Yellen speech and trade in the technical. Traders are now starting to postpone the expectations of an interest rate hike to September. In my view, if the Federal Reserve does not raise interest rates in July, then it may not do so for the rest of the year. Gold investment demand should now rise as the risk to return ratio moves in favor of the buyer.

 

Republicans are the first political party in the world who want their candidate Donald Trump to loose. The chances of Ms. Clinton becoming the next American president are very high as of now. Only a miracle can ensure a Trump win. Ms. Clinton will unleash an even greater war in the world than Obama in his second term. She has already sold herself to defense contractors, the Erdogans and the Saudi Royal family. I am very confident that gold and other precious metals will zoom under the able leadership of Ms. Clinton.

 

The next US president will also have to focus on developments in the South China Sea and Chinese aspirations. China is not the Middle East or Ukraine or the Soviet Union or Germany. The fear of trade sanctions will not affect them, unlike Russia. The American policy to nations who do not follow their dictates is to impose global trade alienation. Trade alienation policy will not work with China. A direct war or an indirect war with China will not also work in American favor.  The USA is trying to use nations like India and other Asian nations as pawns to counter China. This policy will also be counterproductive. The next decade will now belong to developments in South China Sea. The politically fragile situation in the South China Sea should also be bullish for gold.

 

TECHNICAL SUPPORT/RESISTANCES

COMEX GOLD AUGUST 2016 TECHNICAL LEVELS -- pivot $1239.90 &1253.60

.

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,211.10

$1,219.60

$1,234.10

$1,242.20

$1,253.70

$1,257.60

$1,262.90

$1,276.30

SILVER JULY 2016 TECHNICAL LEVELS  -- pivot $1633.70 & $1677

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,578.80

$1,598.90

$1,621.00

$1,633.00

$1,654.80

$1,274.90

$1,694.10

$1,712.90

COPPER JULY 2016 TECHNICAL LEVELS  -- pivot $212.70

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$202.30

$205.40

$206.80

$209.60

$214.10

$216.10

$219.90

$223.70

CRUDE OIL (1st Contract) -- pivot $49.10

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$46.20

$47.10

$48.10

$48.70

$50.10

$50.90

$52.10

$53.30

All prices are in US dollar ($) above. Only for reference

 

 

MCX GOLD AUGUST – Previous Day Close Rs.29450

Gold can rise to Rs.29736 and Rs.30056 as long as it trades over Rs.29200. There will be sellers only if gold trades below Rs.29200 or in case gold does not break Rs.29736 by tomorrow.

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 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 7pm 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.

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

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You can also mail your queries at ‘s

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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