7th July: Gold report

Insignia Consultants

New Delhi

Thursday, July 07, 2016

TIME 7:40 AM IST                        

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ASIAN METALS MARKET UPDATE

End 2015, most the hedge funds were giving bearish investment views on gold and silver. Some said that gold prices would fall to $800 and would never recover anytime. These very firms who said that gold prices will fall to $800 this year are now saying that gold prices are on the verge of a great bull run. Please be prudent and invest carefully. Investment trend are changing quickly. News from UK on exit from EU, economic progresses of USA and new wars fought by NATO can all affect your investment. One thing is for sure American stock markets will not be ion a long term bear market atleast for one year. Plunge protection team (ppt) will prevent American stock markets from falling for a long period. In case Federal Reserve runs out of measures then we might even see a ECB style quantitative easing.

 

Over the past week gold and silver have mostly remained firm in Asian session and European session only to make big one way moves after US stock markets open. This trend may not continue today. US June private ADP numbers at 5:45 pm IST will tell us whether gold and silver will continue their bull run or see a good correction. I expect the US June private ADP numbers to come in on the higher side of the expectation. I am not buying gold and silver till the release of US June private ADP numbers. Momentum is still bullish for gold and silver.

 

Today’s close is very important. Gold needs to close over $1360 and silver needs to trade over $2034 to rise for the rest of the month. If we have a daily close below $1360 and $2034, then gold and silver will be very volatile for the rest of the month despite bullish momentum.

 

COMEX AUGUST 2016 – current price $1370.20

Bullish over $1379.70 with $1387.10-$1397.60 and $1414.10 as price target

Bearish below $1366.10 with $1356.90-$1346.10 and $1321.10 as price target.

Neutral Zone between $1366.10 and $1379.70

·        There will be another wave of rise if and only if gold trades over $1381.

·        Trade very carefully between $1370 and $1403 zone. There can be $40 one way move (up/down) anytime till tomorrow.

·        Initial support is at $1359 with $1337 as the key support.

·        A daily over $1360 today will be very bullish for tomorrow.

MCX GOLD AUGUST – Previous day close Rs.32116.

For the rest of the July further rise will be dependent on the ability/inability to break and trade over Rs.32938. Only a break of Rs.32938 will result in Rs.35000+. Initial support is at Rs.31840. There will be sellers only if gold does not break Rs.32938 in the next seven trading sessions or gold trades below Rs.31840.

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.

Trade without emotions

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

NOTES TO THE ABOVE REPORT

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UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 7pm 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

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