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Asian Metals Market Update: August 3-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 3 August 2016 | Print  | Disqus 

Incoming US economic data releases (between June employment and July US employment) has been mixed. The non-recurring factors are no more. It will be technical trade. Physical demand for gold and silver in India and most parts of Asia is more or less zero. People in Asia that want to buy physical gold and are waiting for prices to correct. It is the expectation of higher demand at lower prices which is keeping everyone on their toes.


Lower energy prices will delay interest rate hike measures which will always be a positive for gold. While strong economic growth will always be negative for gold. The “Shariaization” of the world has just begun. The conversion from a Church supported capitalized economy to a sharia world will be very bullish for gold. This conversion will result in fundamentalists from all religions fighting for supremacy or survival. Gold has to rise as a result of the same. (Please note that I do not support religious fundamentals and that I am a communist to the core.)


If the Japanese Yen trades against the US dollar below 100 next week then gold will near $1500 in August itself. Silver has a habit of consolidating for a long period before making its big moves. Crude oil is a long term buying opportunity. Buying long term call options or selling long term put options (either way) is a sound investment.


COMEX SILVER SEPTEMBER 2016 – current price $2069.30

Bullish over $2037 with $2099 and $2174 as price target

Bearish below $1993 with $1969 & $1932 as price target

Neutral Zone between: $1993-$2037

  • Silver faces key resistance at $2099-$2105 zone. Only a break of this zone will result in another wave of rise to $2164 and $2240
  • Initial support is at $2037. There will be sellers only if silver trades below $2037.
  • We prefer to buy silver only if it trades over $2080 either in the UK session or the US session.

MCX SILVER SEPTEMBER – Previous day close 48071.

Silver can rise to 49039 and 50859 in the short term as long it trades over 46200. Today silver needs to trade over 48712 for another wave of rise to 49039 and 49691. Initial support is at 47899 with 47104 as key support. I am against buying unless silver trades over 48700 till tomorrow.

(prices in Indian rupees above)                                                                                                                                                 

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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