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Asian Metals Market Update: July-20-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 21 July 2016 | Print  | Disqus 

The key reason why gold and silver are falling is that the UK has deferred exit from the European Union to next year. The focus of investors has now once again shifted to US economic progress and US interest rate hikes. There is speculation that there will be a December interest rate hike by the Federal Reserve. Fundamentally also gold and silver are weak due to lack of demand in Asia. Going forward news from the UK will be positive rather than negative for gold and other safe havens unless the UK decides to remain in the European Union.


We have the European central bank meeting today. There is expectation that there will be more easing. Gold and silver will rise if more free money is flooded in the markets.


Unwinding of long gold positions as gold August futures expire next week aided by momentum short sellers is also causing the fall in prices. Silver is just tracking gold.


COMEX AUGUST 2016 – current price $1315.10

Bullish over $1321.30 with $1328.30 and $1343.70 as price target

Bearish below $1315.10 with $1305.90-$1299.60 and $1284.60 as price target.

Neutral Zone between 1315.10-$1321.30

  • There is a technical congestion between $1303-$1315. Gold needs to trade over this zone for the rest of the month to prevent a crash to $1284 and $1258.
  • Only a break of $1327 will resume the intraday bullish zone.
  • A daily close below $1305 today and tomorrow will be very bearish for next week with $1265 and $1238 as target.

MCX GOLD AUGUST – Previous day close Rs.30737

Overall trend is bearish as long as gold trades below Rs.31362. However there is a technical congestion between Rs.30138 and Rs.30451. There will be sell off to Rs.29358 and Rs.28542 in the short term if gold trades below Rs.30138-Rs.30451 zone. I am against intraday buying and against short term investing in gold at current prices.

COMEX COPPER SEPTEMBER 2016 – current price $225.80

Bullish over $218.00 with $228.10 and $233.60 as price target

Bearish below $213.60 with $209.10 and $206.30 as price target

Neutral Zone between: $213.60-$218

  • Copper is bullish and can rise to $231 and $255 by next week as long as it trades over $219-$222 zone.
  • A daily close over $225 today and tomorrow will result in $252 by month end.

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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