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Asian Metals Market Update: June 11 2018



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 11 June 2018 | Print  | Disqus 

Geopolitics

 

The US dollar should weaken after Trump’s G7 U turn. China-Russia are showing higher trade cooperation and cohesiveness to check the growing influence of the USA in the South China Sea. The meeting of the Shanghai Cooperation Council (SCO) will antagonize the USA even more as even a slight hint of unity in India-Russia-China-Pakistan could reduce American influence to zero in the Indian sub-continent. Net on net all non-economic events are long term bearish for the US dollar. Meanwhile, there is speculation China-Russia will launch a currency backed by gold. It is not clear whether it will be the yuan or a new currency.

 

There are a lot of ifs and buffs on the North Korean summit. (a) Trump’s U turn will be looked at. (b) If talks fail, then new counter sanctions will be looked at. (c) Trump proposes and the US senate disposes. Trump’s peaceful initiative may not be accepted by US senate which will again put the whole effort in a limbo (d) There will be also be fears that Trump could ditch the North Korean peace accord (if not now) then next year or at any other time for his internal political gain.

 

Nonetheless all the events make me believe that I should start be long term investing in gold (in case I have not yet started). Once again, I prefer physical gold investment over gold ETF’s or physical gold in electronic form.

 

Econ0mics

The Federal Reserve stance on interest rates will also reflect their US dollar stance. We all know that even a changed phrase can knock down the US dollar. The European central bank meeting and The bank of Japan meeting will only have a temporary effect on their respective currencies. Ultimately the Federal Reserve will prevail over them. Economically the US economy should be very strong for the rest of the year.

 

COMEX SILVER JULY 2018 – current price $1693.00

Bullish over $1671.90 with $1709.20 and $1730.60 as price target

Bearish below $1660.00 with $1647.50-$1632.50 as price target

Jobbers sell below: Sell if silver does not break $1718.

       Silver can rise to $1730.60 as long as it trades over the $1660-$1665 zone.

·         There can be very sharp two way moves in silver anytime.

MCX ZINX JUNE 2018 – previous day close Rs.217.80

·         Trend is bullish as long as it zinc trades over 211.50.

·         One hundred percent retracement is at 220.20. Zinc will zoom to 234.40 if it manages to break and trade over 220.20.

·         Looks for signs of correction before the FOMC or after the FOMC.

(price in Indian rupees above)

HAPPY PROFITABLE TRADING

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: Monday, 11 June 2018 | E-Mail  | Print  | Source: GoldSeek.com

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