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Asian Metals Market Update: August 17-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 17 August 2016 | Print  | Disqus 

Gold’s next big move seems to be the distance between the lip and the kiss. A $30 rise will result in sell stop losses getting triggered and another wave of rise to $1434+ very quickly. On the contrary, inability to get a sustained rise over $30 ($1380+) can result in prices falling first to $1309 and below and then rising. Long term investors need to worry. Short term traders and jobbers have some serious mind games in trading.


Cautious optimism in silver is the need of the hour for short term investors. Long term investors look to invest more with every big price fall. Silver is playing mind games with day traders and jobbers. There will be another big one way move anytime soon.


Some Federal Reserve speakers spoke of an interest rate hike next month. US August nonfarm payrolls on 2nd September will be the decider. If this number comes in over 200,000, investors will start factoring in a two interest rate hike this year by the Federal Reserve and a short term fall in prices. But there will be massive physical demand around $1300 and below $1300. This should prevent the emergence of a short term bearish trend.


MCX GOLD OCTOBER – prices in Indian rupees below

There is a mini double top around 31600. Further rises will dependent on the ability to break 31600. On the lower side as long as 30940 holds, downside will be limited. We prefer to buy gold only if it trades over 30400 today.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $46.33

Bullish over $45.00 with $47.40 and $50.20 as price target

Bearish below $43.40 with $42.20 and $40.40 as price target

Jobbers buy over: Buy at $45.60 stop loss $44.60 for $50.20

Jobbers sell below: Sell at $49.40 stop loss $50.60 for $45.10

  • If crude oil rises after the release of US weekly crude oil inventory today then $54 will be the immediate target and $64 in September
  • Initial support is at $44.60.

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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