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Asian Metals Market Update: July-14-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 14 July 2017 | Print  | Disqus 

Lack of new news of Trump and Russia resulted in the fall in gold and silver prices. Movement of gold prices will be dependent on Trump-Russia connection news. Traders will start taking positions for the FOMC meet on 26th July after the release of today’s CPI numbers and Retail sales numbers. Next week only US housing numbers are there and it will not have any sustaining effect.


Currency markets movement will affect bullion prices. I am more concerned over movement in the UK pound. If the UK pound falls this quarter, then I see renewed safe haven demand not just from the UK but from all across Europe. A crash in the cable (if any) can result in a renewed short term bull rally in gold to $1376. However right now there is no big hype to invest in gold despite prices being near $1200.


Long term investors can start investing in gold and silver in small amounts at current prices and aggressively on any five percent dip as a part of divergent investment portfolio. In India investment in equity/debt based mutual funds can be encased in your ATM’s any time. The liquidity factor has increased mutual funds but I still believe that gold or silver investment in all forms (other than ETFs) should be a part of long term investment portfolio irrespective of one’s nation. There are rumors in virtually each and every nation of the world (except China) that over the coming years, governments will seize your physical gold and silver. One needs to ignore such rumors and remain invested. But remember that every government has a right to seize anything which is brought/invested out of unaccounted income or income in which the state has not been paid its dues.


COMEX GOLD AUGUST 2017 – current price $1216.20

Bullish over $1215.10 with $1227.70 and $1236.40 as price target

Bearish below $1205.90 with $1201.30 and $1196.70 as price target.

Neutral Zone between: $1205.90-$1215.10

  • Gold needs to trade over $1211 today to rise to $1227.40.
  • Support is at $1211.60. Sell off only if gold does not break $1227.40.
  • Remain on the sidelines.

MCX GOLD AUGUST 2017 – previous day close Rs.27837.

There is a technical congestion between the 27664-27691-27708 zone. Gold needs to trade over this zone till Monday to rise to 28038 and 28225. Sell off only below 27664 to 27477 and 27245. One needs to remain on the sidelines today and short gold only if it does not break 28038 today.

(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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