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Asian Metals Market Update: Sep 2, 2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 2 September 2016 | Print  | Disqus 

Gold and silver will see another big crash if the US nonfarm payrolls numbers comes in over 230,000. On the contrary chances of a rise to $1434+ will be high if the number comes in below 160,000 and without upward revisions to previous months. September’s FOMC is the last meeting where manipulations can be done to support Hillary Clinton. The only support which the Federal Reserve can do is to prevent the US stock markets from falling. I believe the Federal Reserve may not raise interest rates this month and will give a hawkish view on future interest rate hikes.


Physical demand for gold and silver in Asia should remain on the higher side today. Lots of sell positions are there. If gold and silver rise today then these sell positions will get converted into buys and there will be another bull rally. Gold and silver future investment demand will be dependent on price outlook.


Other than the US interest rate factor all the other parameters are bullish as Indian gold demand is expected to be firm due to normal monsoon rains, Chinese gold and silver will rise as the Chinese economy nears a long term bottom, Islamization of the world is also bullish for gold, new industrial uses also supports gold. US president Barack Obama in his near eight years has created a foundation wherein the world moves into prolonged civil war. America is the creator of the Islamic state and the Islamization of Europe and the world. As states control of people rises on some pretext or the other, gold as a safe haven demand will only rise in every nook and corner.


Monday is a US holiday. Traders will take positions for Tuesday. Long term investors buy on dips in gold, silver, copper and crude oil. Day traders and jobbers aggressively sell gold and silver only if they fall below yesterday’s low.



COMEX GOLD DECEMBER 2016 – current price $1317.20

Bullish over $1313.30 with $1331.40 and $1349.90 as price target

Bearish below $1304.30 with $1296.10 -$1286.70 as price target.

Neutral Zone between 1304.30-$1313.30

  • Gold manages to trade over $1304 key support. If gold manages to trade over $1304 today till Tuesday then it can rise to $1434 in the short term.
  • The region between $1296-$1303 is a neutral zone to bearish zone.
  • Big crash only below $1296.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $43.58

Bullish over $46.40 with $49.90 and $51.90 as price target

Bearish below $44.80 with $42.20 and $40.40 as price target

Jobbers buy over: Buy at $40.80 stop loss $39.30 for $46.00

Jobbers sell below: Sell at $46.00 stop loss $47.40 for $42.00

  • Crude oil needs to trade over $42.00 till next week to prevent a fall to $39.60 and $37.10
  • Watch for short covering in crude oil today in the US session.
  • Jobbers watch $44 all the time.
  • A daily close below $44.30 today and tomorrow will be bearish for crude oil for the rest of September.

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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