LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."


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)




Customer care: 9311139549

You can also mail your queries at ‘s

Chat Id: (gtalk), (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)


| Digg This Article
 -- Published: Thursday, 7 July 2016 | E-Mail  | Print  | Source:

comments powered by Disqus
1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


The views contained here may not represent the views of, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.