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Asian Metals Market Update: August-30-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 30 August 2016 | Print  | Disqus 

The next week is very crucial for gold, silver and crude oil. Either they rise or they start another bearish phase. One needs to remain on the sidelines in every metal and energy. Controlled aggression will be the key to make maximum profits in September for short term traders. Firm yet flexible with no emotions to losses.


Economic news and other news will start from today. Asians are not buying aggressively as they believe that a short term bottom is yet to be formed. A big rise in gold and silver will be there if and only if the short term outlook for gold and silver is hyper bullish. Gold and silver jewelers and large importers will not buy extra if the price outlook is stable to negative.


The next two weeks are the last of the summers in Europe and America. Firm gasoline demand in these regions should prevent crude oil from a big fall. Thereafter the technical will be there. I have not yet changed my long term bullish view on gold and silver and will wait until the September fomc meet to review the same. Rather I will say use sharp dips in gold and silver until the September fomc meet to invest for the long term. Buy far dated call options in gold, silver, copper and crude oil.


The only thing which can bring down gold and silver is if the Federal Reserve indicates an interest rate hike every quarter till next year and/or US nonfarm payrolls consistently clocks over 190,000 for the next six months.


COMEX GOLD DECEMBER 2016 – current price $1326.90

Bullish over $1324.00 with $1341.10 and $1357.60 as price target

Bearish below $1313.60 with $1307.70 -$1296.10 as price target.

Neutral Zone between 1313.60-$1324

  • Gold still has hopes of rising to $1356+ as long as it trades over $1313.
  • Big crash only below $1313 or in case gold does not break $1356 by Friday
  • Jobbers watch $1327.

MCX GOLD OCTOBER – prices in Indian rupees below

Key short term support is at 30641. Gold can still rise to 31883 and 32776 as long as it trades over 30641. Big crash only if gold trades below 30641 anytime now till end September. Today I prefer to remain on the buy side as long as gold trades over 30860 with a price a target of 31245. Selling only if gold trades below 30860 with a stop loss over 31017.

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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