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Asian Metals Market Update: June 8 2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 8 June 2018 | Print  | Disqus 

Next week is a very big week for the global financial markets due to:

1.    FOMC meet on 13th June

2.    Trump-Korean Leaders meet in Singapore on 12th June

3.    European central bank meeting on 14th June

 

Plus the regular US economic data releases. Economics and geopolitics will be clashing with each other next week. The soccer world is also there next week. Some of the funds from equities and commodities will move to soccer world cup betting. The Euro will sink next week if the European central bank denies monetary shrinking for next year. Gold needs big Asian demand and/or a significant increase in geopolitical risk to try for $1400. The next two weeks are sink or rocket zoom time for gold. I will prefer to be cautious in copper, silver and industrial metals till next week.

 

COMEX GOLD AUGUST 2018 – current price $1300.80

Bullish over $1297.30 with $1305.10 and $1311.70 as price target

Bearish below $1290.60 with $1285.90 and $1283.80 as price target

Neutral Zone between: $1290.60-$1297.10

Jobbers aggressive buy over: Buy at $1294.30 stop loss $1285.40 for $1307.10

Jobbers aggressive sell below: Sell if gold does not break $1312.20.

·           Gold will break free from the $1290-$1310 range and form a new range anytime.

·           Better to remain on the sidelines today.

·           Day traders use a buy on dips strategy with a strict stop loss below $1287.

·           Please note that the above view is purely an intraday view.

MCX GOLD AUGUST 2018 – previous day close Rs.31193

       Key resistance is at 31282. Only a break of 31282 will result in a rise to 31381 and 31569.

·         Sellers will be there only below 31104.

·         Yesterday the gold price rose in MCX due to a weaker rupee against the US dollar in DGCX and other global currency exchanges.

·         Today also direction of the rupee (usd/inr) will be the key to gold price.

(price in Indian rupees above)

HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

Follow us on Twitter @insigniaconsul1

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)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

Customer care/Whatsapp/Telegram: 9311139549

You can also mail your queries at ‘s

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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 -- Published: Friday, 8 June 2018 | E-Mail  | Print  | Source: GoldSeek.com

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