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Asian Metals Market Update: June-20-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 20 June 2017 | Print  | Disqus 

Factors which can affect markets       


It should be a technical trade as there is no news. Geopolitical risk will be closely watched. This is the last week before Ramzan ends. Over the past decade there is a big spike in smuggled gold in India after Ramzan. Physical gold premiums can fall after two weeks. (unless gold prices continue to fall). Investors are happy due to continuation of bullish trend in stock markets.


Trend is down for gold and silver. One needs to look for signs of trend reversal.


COMEX GOLD AUGUST 2017 – current price $1247.01

Bullish over $1253.20 with $1260.20 and $1268.70 as price target

Bearish below $1249.10 with $1244.40 and $1237.10 as price target.

Neutral Zone between: $1249.10-$1253.20

·        Gold can fall to $1227.70 and $1217.60 as long as it trades below $1253.80.

·        Initial support is at $1240.40. Quick sell off if gold trades below $1253.80.

·        A daily close below $1253 today will be very bearish for gold for the rest of the week.

·        Jobbers watch $1249 all the time.

MCX GOLD AUGUST 2017 – previous day close Rs.28542.

·        100 week moving average is at 28437

·        200 week moving average is at 28206

·        Gold needs to trade over the 100 week MA and 200 week MA to continue its long term bullish trend.

·        Short term trend is down as long as gold trades below 100 day moving average of 28839.

·        Key price to watch 28533. There will be a sell off only if gold trades below 28533 today.

·        Intraday bullish trend reversal only if gold trades over 28662.

(prices in Indian Rupees above)

COMEX COPPER JULY 2017 – current price $257.70

Bullish over $256.20 with $259.10 and $262.20 as price target

Bearish below $254.10 with $252.00 and $247.40 as price target

Neutral Zone between: $254.10-$256.20

·        200 day moving average of $257.30 is the key price to watch.

·        Copper can rise to $262.30 and $274.20 before the end of the month as long as it trades over $245-$250 zone.

·        Today there will be a quick rise only if copper manages to trade over $259.10.

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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