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GoldSeek Web

Asian Metals Market Update: June-10-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 10 June 2016 | Print  | Disqus 

Next week is the FOMC meeting. One needs to look for signs of profit taking before the FOMC meeting. Gold needs to trade over $1272 till next Friday on a daily closing basis to restart another bull run to $1397 and $1550. In case gold does not manage to trade over $1272 till next Friday, then there will be continuous fears of quick big correction. Silver needs to break and trade over $1860 by next Friday to restart another bull run. In case silver does not break and trade over $1860 by next Friday, then chances of a correction to $1560 and $1410 will be very high.


If the FOMC statement clearly signals an interest rate hike in July, then gold and silver will have another great fall and vice-versa. Contrarian trading will be using a sell on rise strategy till the FOMC meeting. I will prefer to buy some put options as a hedge for long gold and silver positions.


The US June employment number which will be released next month will be much higher than the previous month due to certain nonrecurring events. The British exit of the EU to me is just media propaganda to implement mass unfriendly measures under the mask of Brexit. Commodity traders as well as currency traders should ignore the Brexit, focus on the FOMC meeting and technicals. Going long in cable is a better bet than going long in euro.


30day view of gold

Gold has to break and trade over $1325 in the next sixty days to rise to $1525 and $1760 over the coming months. In case gold does not break $1325 in the next thirty days, then it will fall to $1167 and $1080 first and then slowly and steadily rise towards $1500.



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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