Asian Metals Market Update for 8th August 2023

• Spot gold needs to trade over $1939.00 to be in an intraday bullish zone.
• Spot silver needs to trade over two hundred day moving average of $23.19 to be in a short term bullish zone.

Precious metals and base metals can trade with a softer bias if the US dollar index rises sharply. US dollar Index has to trade over one hundred day moving average of 102.07 to be in a short term bullish zone. USDX is trading around 102.07 as of now. This implies that gold, silver and copper have to trade over current price today to be in an intraday bullish zone.

Thailand plans to use Chinese Yuan, Malaysian Ringette and other Asian currencies in its trade to curb wild swings in Baht. Every Asian nation is trying to move away from the US dollar in trade with friendly nations. Chinese Yuan is getting the maximum share. Indian Rupee and others share is also rising. Long term gold will rise as the greenback sees sustained value erosion in Asian trade. Short term corrections up to ten percent will be part and parcel of the long term rally. Silver and base metals can be very wild due to flip-flop on economic outlook.

There will be a short term technical breakdown in gold and silver if price falls today and more so after London AM Fix. Copper can range trade between $8350-$8800.

Spot Gold

• Daily support: $1914.90, $1925.70 and $1931.90
• Daily resistance: $1947.20 and $1958.00
• Spot gold has to trade over $1931.90 today to be in an intraday bullish zone and rise to $1958 and $1972.
• Crash or sell off will be there if and only if spot gold trades below $1931.00 after London AM Fix.

NYMEX CRUDE OIL (September 2023) 

• Key price to watch: $82.10
• Crude oil has to trade over $82.10 to rise to $85.10 and more.
• Mild sell off will be there if crude oil trades below $82.10 to $80.60 and more.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of Chintan Karnani. In no event shall I 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. All analyses used herein are subjective opinions of mine and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.

Disclosure: I do not trade/invest in spot gold and spot silver and even in comex future.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow me on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.