Asian Metals Market Update for 26th June 2024

June 26, 2024

I will call today and tomorrow for a correction. Technicals are bearish. Buy-stop losses will be triggered by very short-term traders in case the falling trend is in gold, silver, and copper. Sentiment is bearish for copper and base metals. Physical buyers are waiting for more price correction. They will buy at some time. May not be today. Maybe on Friday or next week. But aggressively before the 31st July Federal Reserve meeting.

All the fall can be reversed and we may restart a bullish trend if the US Core PCE inflation number sinks or shows a falling trend. The good thing so far is Spot Gold has yet to see a sustained fall below $2300. Spot silver has to trade over $28.40 by the end of next week to reverse to bullish.

The bubble will be formed if short-term traders buy stop losses are not triggered. Long-term bullish continuity depends on the frequency of short-term buy-stop losses getting triggered. Even a renewed increase in short position is a healthy sign for a sustained long-term bullish trend.

There are big two weeks ahead for precious metals and base metals. The medium-term bearish trend will be there or confirmed if the price trades below key support term support on or after 12^th July. Why the date 12^th July? The impact will be fully factored into NFP, ISM, UK election results. Even the expectation from the 31^st July Federal Reserve meeting will be more accurate. I will be worried on the medium-term bullish view if the falling trend is there on or after 12^th July. BUT, THERE IS BIG BUT! Buyers and short sellers have to be over-alert on their trades, open positions till 12^th July. Price can move the Merry-Go-Round way.

Spot Gold – intraday view current market price $29.58.

Spot gold has to trade over $2305.00 today and till Monday to try and rise to $2351.10 and $2382.20.
Crash or sell off will be there if spot gold trades below $2305.00 till Monday.
Spot gold will also crash if it does not break $2351.20 by 3rd July.

Disclaimer

The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT