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Asian Metals Market Update: July-7-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 7 July 2016 | Print  | Disqus 

At the end of 2015, most the hedge funds were giving bearish investment views on gold and silver. Some said that gold prices would fall to $800 and would never recover anytime. These very firms who said that gold prices will fall to $800 this year are now saying that gold prices are on the verge of a great bull run. Please be prudent and invest carefully. Investment trends are changing quickly. News from the UK on the exit from the EU, economic progresses of the USA and new wars fought by NATO can all affect your investment. One thing is for sure American stock markets will not be in a long term bear market for at least one year. The plunge protection team (ppt) will prevent American stock markets from falling for a long period. In case the Federal Reserve runs out of measures then we might even see a ECB style quantitative easing.


Over the past week gold and silver have mostly remained firm in the Asian session and European session only to make big one way moves after the US stock markets open. This trend may not continue today. US June private ADP numbers at 8:15 AM EST will tell us whether gold and silver will continue their bull run or see a good correction. I expect the US June private ADP numbers to come in on the higher side of expectations. I am not buying gold and silver till the release of US June private ADP numbers. Momentum is still bullish for gold and silver.


Today’s close is very important. Gold needs to close over $1360 and silver needs to trade over $2034 to rise for the rest of the month. If we have a daily close below $1360 and $2034, then gold and silver will be very volatile for the rest of the month despite bullish momentum.


COMEX AUGUST 2016 – current price $1370.20

Bullish over $1379.70 with $1387.10-$1397.60 and $1414.10 as price target

Bearish below $1366.10 with $1356.90-$1346.10 and $1321.10 as price target.

Neutral Zone between $1366.10 and $1379.70

  • There will be another wave of rise if and only if gold trades over $1381.
  • Trade very carefully between $1370 and $1403 zone. There can be $40 one way move (up/down) anytime till tomorrow.
  • Initial support is at $1359 with $1337 as the key support.
  • A daily close over $1360 today will be very bullish for tomorrow.

MCX GOLD AUGUST – Previous day close Rs.32116.

For the rest of the July any further rise will be dependent on the ability/inability to break and trade over Rs.32938. Only a break of Rs.32938 will result in Rs.35000+. Initial support is at Rs.31840. There will be sellers only if gold does not break Rs.32938 in the next seven trading sessions or gold trades below Rs.31840.

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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