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Asian Metals Market Update: June-07-2017



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 7 June 2017 | Print  | Disqus 

It seems all terror attacks in democratic nations happen before an election. I rarely find any terrorist attack after an election. I am confident that once UK and German elections are over, Europe will not see terror attacks for quite a long time. In Europe or the UK all terrorists were known to the law enforcement agencies and still they slept. It is very easy to radicalize anyone these days. Give a dissatisfied person/unemployed person a mobile phone with an internet connection and continuously send him links for radicalization. The person will get radicalized very quickly. Some get self-radicalized due to the content provided by facebook, twitter, whatsapp and other social networking platforms. This is a side effect of social networking. This is causing a big demographic change in the world. It is very easy to show all lies as truth in the virtual world. Islamic religious heads are doing the same along with NATO nations. This is also one key reason why gold has to rise in the long run and the US dollar/paper assets needs to be dumped.

 

In India social networks (whatsapp, facebook etc) are changing the behavioral aspects of people, demand of any consumer product gets affected by social media. Social media is now a big cause for divorce in India and is growing. Productivity in offices gets reduced due to increased social media usage. However businesses are also lowering selling costs due to social media publicity. Demographic disruptions caused by social media will only increase the demand for physical gold in India.

 

Gold needs to break and trade over $1303-$1309.80 zone till Friday for another wave of rise. In case gold does not break this zone, then there will be corrections to $1270.10 and $1248.60 in the short term. Silver needs to break and trade over $1783 till Friday for another wave of rise to $1823 and $1884 zone. In case silver does not break and trade over $1783 till Friday, then chances of a correction to $1722 and $1685 will be very high.

 

In the short term as long as crude oil trades over $45.50 it will consolidate in $45.50-$50.40-$53.60 range. Copper needs to trade over $246.10 for the rest of the month to continue its bullish zone.

 

UK elections result can effect gold and silver. Movement will be two way.

 

COMEX SILVER JULY 2017 – current price $1763.20

Bullish over $1740.90 with $1782.80 and $1811.10 as price target

Bearish below $1722.70 with $1701.70 and $1693 as price target

Neutral Zone between: $1722.70-$1740.90

·         Key resistance is at $1782.80. Further rise will be dependent on the ability to break and trade over $1782.80.

·         On the lower side support is between $1734-$1740 zone. As long as silver trades over this zone, downside risk will be limited.

·         Sell off only in case silver does not break and trade over $1782.80

MCX ZINC JUNE – prices in Indian Rupees below

Zinc needs to trade over $158.50 till Monday to prevent a fall to 154.20 and 149.70. Trend is down. Initial resistance is at 160.70 with 164.70 as key intraday resistance.

MCX LEAD JUNE – prices in Indian Rupees below

Key long term support is between 130.40-132.10. Lead needs to trade over 130.40-132.10 to continue its bullish zone and rise to 139.70. Big sell only below 130.40 to 121.70.  Stay neutral.

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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You can also mail your queries at ‘s

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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 -- Published: Wednesday, 7 June 2017 | E-Mail  | Print  | Source: GoldSeek.com

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