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Asian Metals Market Update: June-22-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 22 June 2017 | Print  | Disqus 

Factors which can affect markets        


I will once take a close look at the Syrian conflict. NATO has recently shot down a Syrian fighter jet and an Iranian drone. These will only escalate tensions between NATO and Russian allies. Syrian forces are gaining ground despite NATO sending its own terrorists. The deterioration of relations between European Union and Turkey will also have an impact on the whole of Middle East and North Africa region. Germany is forced to shift its airbase in Turkey. An anti EU turkey will only escalate the tensions in and around the Persian Gulf and Red Sea zone. Gold demand in Eastern Europe could zoom as a result.


Technically the correction in gold, silver and copper is over. Gold can rise to $1296 as long as it trades over $1227-$1237  zone. Silver needs to trade over $1609 till early August to continue its medium term bullish zone. Copper can rise to $296-$312 zone by end August as long as it trades over $242-$247 zone. Crude oil should form a long term bottom anytime between now and 4th July.


Monday most of the world markets will be closed or indirectly closed due to “Eid” or end of Ramzan. Traders will start taking positions for Tuesday.


COMEX GOLD AUGUST 2017 – current price $1254.50

Bullish over $1244.10 with $1258.10 and $1268.70 as price target

Bearish below $1240.10 with $1227.60 and $1223.40 as price target.

Neutral Zone between: $1240.10-$1244.10

·        Gold may have formed a short term bottom and can rise to $1263.40 and $1272.80 as long as it trades over $1247.30.

·        Sellers will be there only below $1247.30 today.

·        Jobbers watch $1253 all the time.

·        Gold needs a daily close over $1253 today and tomorrow to continue its bullish zone next week.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $42.60

Bullish over $42.20 with 43.80 and $45.10 as price target

Bearish below $41.10 with $40.80 and $39.60 as price target

Jobbers buy: Buy at $41.10 stop loss $39.70 for $47.00 for tomorrow.

Jobbers sell: sell if crude oil trades below $43.00 stop loss $44.20 for $42.20 and $41.10.

·        Support is between $41.10-$42.20. Crude oil needs to trade over this zone to rise to $45.00 and $47.00.

·        Initial support is at $42.20. Sell off only below $42.20 today.

·        Oversold. Looks for signs of short covering.

MCX CRUDE OIL JULY – previous day close Rs.2741

·        Key support is between 2673-2722 zone. Momentum is bearish for crude oil.

·        There can be pull back rallies to 2819 and 2958 as long as crude oil trades over 2673-2722 zone.

·        Short sellers need to trade very carefully as long as crude oil does not fall below 2673-2722 zone.

·        Oversold. Short covering/profit booking can happen before tomorrow.

(prices in Indian Rupees above).


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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