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Asian Metals Market Update: June-27-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 27 June 2017 | Print  | Disqus 

I am not surprised by yesterday’s sudden crash in gold and silver. These things will happen more often on days when trading volumes are less and/or some key bullion trading nations are closed. Such moves are manipulated with the sole aim to create panic among retail investors. Sometimes these types are moves are insider trading moves wherein the big traders knows exactly the price at which certain buy stop losses or sell stop losses will get triggered. I have also seen gold and silver cartels resorting to such moves (even on day with normal volumes) either to close existing open positions or start building one way long term positions. I have seen these kinds to moves happening (in the past) in India’s MCX and NCDEX. The grapevine knows the cartel which had resorted to such moves but since such moves do not happen regularly investigations are not done. The cartel knows the penalty of such moves if they get caught. But still they try for such moves as they know that the profit from such moves is much more than fines/penalties imposed.


Asian demand for gold and silver will be the key today. If demand does not arise, then there will be another wave of sell off. Position rebuilding has started for the next quarter. Hyper optimism over a bullish trend in gold and silver is not there for the next quarter. Indian demand for gold and silver will be high from August as Hindu festivals begin early this year. Just trade in the technical today.


The US supreme court has upheld some of Trump’s travel ban. A mini victory for Trump. Trump’s policies on Asia and Eastern Europe will be the key.


COMEX GOLD AUGUST 2017 – current price $1243.70

Bullish over $1247.20 with $1253.10 and $1265.50 as price target

Bearish below $1238.10 with $1235.20 and $1214.10 as price target.

  • 200 day moving average around $1227 is the key support. Gold needs to trade over $1227 to prevent another wave of sell off to $1214 and $1202.
  • Initial resistance is at $1247. Rise only if gold trades over $1247 for the whole day.
  • A daily close below $1240 today will be very bearish for tomorrow.

MCX CRUDE OIL – previous day close Rs. 2801

Initial resistance is at 2817. Crude oil needs to trade over 2817 today and tomorrow to rise to 2919 and 3060. Overall bullish as long as crude oil trades over 2737. Key weekly support is between 2669 and 2693 zone. Cautious optimism.

(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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