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GoldSeek Web

Asian Metals Market Update: July-19-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 19 July 2017 | Print  | Disqus 

The next two days are very crucial for all metals and energies. Gold, silver, copper and nickel are bullish but need to break key resistances for another wave of rise. If gold, silver, copper and nickel do not break key resistances then there can be a sell off. Zinc and lead are testing key short term support. Either zinc and lead hold those key supports or else there will be a sell off. Crude oil needs to break and trade over $49.00 this week to prevent short sellers from getting the upper hand. Natural gas is bullish but once again like bullion, they need to break key resistances for another wave of rise.


Central bank currency wars are not over yet. Tomorrow’s European central bank meeting will be relevant only with statement directing at altering the current strengthening trend of the euro.


Bitcoins – current price $2267.00


Trend is bullish. Bitcoin can rise to $2370 and $2646 as long as it trades over $2224. Sellers will be there below $2224 to $2044 and $1882.  Key support till Friday is at $2044.


(Please Note: I am not an expert in bitcoins. I am just giving the technical view. In India bitcoins are not officially recognized as such and Indians should ignore the view. Intraday volatility is very high. Low risk traders should avoid bitcoins even in their dreams. )


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $46.30

Bullish over $45.90 with 47.40 and $49.20 as price target

Bearish below $45.20 with $44.40 and $43.60 as price target

  • Crude needs to trade over $45.70 to rise to $47.40 and $48.80.
  • Sell off will be there below $45.70 to $45.20 and $44.10.
  • Direction of crude oil after the release of US weekly crude oil inventory will be the key.
  • A daily close over $47.20 today (if any) will be very bullish for crude oil in the short term.

COMEX COPPER SEPTEMBER 2017 – current price $273.30

Bullish over $269.80 with $275.80 and $278.30 as price target

Bearish below $265.50 with $262.20 and $263.30 as price target

Neutral Zone between: $265.50-$269.80.

  • 100% retracement is at $274.50. Copper needs to break and trade over $274.50 to rise to $282.30.
  • Trend is bullish.
  • But sellers will be there if copper does not break and trade over $274.50 today.

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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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)




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