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Asian Metals Market Update

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 13 January 2016 | Print  | Disqus 


The fall in gold and silver is due to selling after they failed to trade over $1100 and $14.00. There has been an increase in gold ETF demand.  Migrants are changing Europe. The numbers have been drastically increased of the sexual violence cases on the New Year Eve in Cologne, Germany. Some TV news channels have said that Stockholm has also suppressed cases of sexual violence cases by migrants. Turkey’s bomb blast will affect its tourism. The change by migrants in Europe will be felt this year. Migrants in Europe is a reason to invest in gold and/remain invested in gold for the long term.


Chinese indirect devaluation of the yuan will result in a full scale currency war among its Asian peers where the ultimate beneficiary will be the US dollar. China will take a few months to stabilize. However investors do not have the patience.


Today gold needs to trade over $1082 and silver needs to trade over $13.60 to prevent another sell off.


COMEX GOLD FEBRUARY 2016 – current price $1084.80

Bullish over $1094.10 with $1102.30-$1109.50-$1114.10 as price target

Bearish below $1088.80 with $1079.40-$1070.60 and $1064.20 as price target

Neutral Zone between $1088.80-$1094.10

Jobbers aggressive buy over: buy at $1070.60 stop loss $1063 for $1088 and $1107.

Jobbers sell below: Remain on the sell side as long as gold trades below $1098.

  • Gold needs to trade over $1085.00 for the whole day to prevent a fall to $1079 and $1072.30
  • Jobbers watch $1084.60 and $1094.10.

COMEX SILVER MARCH 2016 – current price $1379.00

Bullish over $13.92 with $14.07-$14.17-$14.35-$14.55 as price target

Bearish below $13.77 with 13.64-$13.49 and $13.12 as price target

Neutral Zone between: $13.77 and $13.92

Jobbers aggressive buy over: Buy at $13.37 stop loss $13.21 for $13.96-$14.36

Jobbers sell below: sell silver below $13.77 stop loss $13.91 for $13.64 and $13.37.

  • Silver can fall to $13.64 and $13.37 as long as it trades below $14.08
  • Initial support is at $13.77. There will be sellers only if silver trades below $13.77.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $30.91

Bullish over $32.60 with $35.20-$37.10 as price target

Bearish below $30.90 with $29.70-$28.40 as price target

Jobbers buy over: I am against buying unless crude oil breaks and trades over $32.20

Jobbers sell below: Sell below $30.40 stop loss $31.40 for $29.60 and $28.10.

  • Crude oil can fall to $28.10 as long as it trades below $35.10
  • There will be sellers only below $30.50 today.
  • Remain on the sidelines and watch $31.10 all the time.

COMEX COPPER MARCH 2016 – current price $196.50

Bullish over $202.30 with $206.70 and $212.30 as price target

Bearish below $198.60 with $194.50 and $189.30 as price target

Neutral Zone between: $198.60 and $202.30

  • Key support is at $193.20. Another wave of crash will be there only below $193.20 with $186.20 as target,
  • There will be sellers if copper trades below $193.20.

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.

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