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Asian Metals Market Update: August 2-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 2 August 2016 | Print  | Disqus 

Momentum is hyper bullish for gold and silver. Everyone is buying gold and silver on dips. US GDP numbers on Friday has only added fuel to the bullish investor sentiment of gold and silver. Europe, Japan and now even the USA is getting plagued by mentally ill people who act as terrorist and kill innocents every day. These mentally ill people are called by the name of Islamic State and other names. The political class in India has divided India into religion, caste, creed etc. European politicians have now started taking lessons from their Indian counter parts and have started dividing Europe on the basis of religion, race etc. Apart from financial market changes by central banks there are more long term and medium term bullish factors for gold and silver than ever before.


France is thinking of stopping foreign funding of mosques. There will be opposition to such moves by Germany and other European Union members, but it is a step in the right direction. Even in India for the first time the Modi government is trying to make public the foreign funding of religious institutions. Non Islamic nations now need to impose strict restrictions on foreign funding of religious institutions to prevent nations from moving into a long term civil war. There are enough early warning signals which gives us a view that America and Europe is moving towards a civil war. Gold and other non-paper based safe havens will continue to attract investor demand.


Either gold and silver rise and break past $1371 and $2112 or else they will fall to $1317/$1284 and $1993/$1919 zones first and then rise. The next three days till Thursday is very crucial. I do not think US July nonfarm payrolls will have a big impact as there should be big one way moves by Thursday. Sentiment for the US dollar is also very negative.


COMEX DECEMBER 2016 – current price $1354.90

Bullish over $1343.60 with $1371.10 and $1391.10 as price target

Bearish below $1332.10 with $1325.90 and $1317.60 as price target.

Neutral Zone between 1332.10-$1343.10

  • Either gold breaks $1371 today or else it will fall to $1327 and $1311 first.
  • Initial support is at $1347. There will be sellers only if gold trades below $1347 either in the UK session or the US session.
  • Remain on the sidelines despite the bullish momentum.

MCX GOLD OCTOBER – previous day close Rs.31562

Short term resistance is at 32013. Only a break of 32013 will result in another wave of rise to 32768 and 33335. Initial support is at 31133 with 30620 as key support. I prefer to remain on the sidelines today and buy gold only if it trades over 31768 today.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $40.19

Bullish over $42.00 with $44.40 and $45.80 as price target

Bearish below $40.40 with $39.90 and $38.60 as price target

  • Crude oil will see another wave of sell off if it trades below $39.60 to $38.10 and $36.60.
  • Short covering will be there only if crude oil trades over $42.00.

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

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