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Asian Metals Market Update: July-07-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 7 July 2017 | Print  | Disqus 

Factors which can affect markets                                       


Fundamentally there is no positive news for gold and silver. They are just moved by US interest rate trends and global bond yields. This correlation will be over by September and new correlations will be seen. A stronger US economy can result in initial losses for bullion but will start another 2003 type bull wave in gold. Excess will happen in a world where algorithmic trading/robots trade. The restarting of another super bull run is getting delayed by another few years.


Gold and silver are looking very bearish at the moment. Higher geopolitical risk has not lent support to bullion. Today’s US June payrolls need to be lower than 140,000 to start some short term rally in gold and silver. Crude oil’s failure to rise after a bad US inventory report can result in a ten percent fall in the short term. One needs to remain on the sidelines today. 


The fall in crude oil prices reflects fundamentals. It is also the US style way of ensuring that the key crude oil producing nations exhaust their crude oil wells and US replaces OPEC as the price dictator of crude oil prices. Every war in the 21st century by America and NATO allies is for energy and minerals. This will continue.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $44.98

Bullish over $46.10 with 47.80 and $49.20 as price target

Bearish below $45.60 with $44.10 and $43.40 as price target

  • Crude oil needs to trade over $44.10 today to rise to $47.20
  • Sell off will be there below $44.10.
  • A daily close below $44.10 today can result in $42.30 and $39.60 next week.

COMEX COPPER SEPTEMBER 2017 – current price $265.50

Bullish over $264.70 with $268.10 and $273.90 as price target

Bearish below $262.00 with $259.50 and $256.70 as price target

Neutral Zone between: $262.00-$264.70.

  • Support is between $261.30-$264.70. Copper needs to trade over $261.30-$264.70 to rise to $269.10 and $273.80.
  • Crash only below $264.70. Momentum is 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.

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