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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 12 February 2016 | Print  | Disqus 

COMEX FUTURES REPORT

Those who have waited to gift some gold ornaments on Valentine’s Day are either going to back out or have to substantially increase their budget. This is all I can say on the rise of gold prices yesterday. Yesterday was a big overshoot for gold. Gold and silver now need to consolidate this week’s gains to sustain the recovery. A $90 rise in gold in a week has never been sustainable even in precious bull markets. There will be corrections and consolidation before starting another rise.

 

A daily close over $1230 today will be really bullish for gold for the rest of the month and March as well. Silver needs a daily close over $1530 today to attract massive short covering. Gold inventories in some of the largest warehouses across the globe are just on paper. If gold shows signs of a sustained strengthened to $2000, there will be even greater pressure on withdrawal. Silver being an industrial metal will be very volatile.

 

Monday America is closed. There will be position squaring and rebuilding for Tuesday.

 

COMEX GOLD APRIL 2016 – current price $1238.10

Bullish over $1229.10 with $1245.90-$1254.70 and $1277.80 as price target

Bearish below $1219.00 with $1209.90-$1203.30 and $1188.90 as price target

Neutral Zone between $1219 and $1129.10

Jobbers aggressive buy over: I am against buying unless gold breaks and trades over $1246 in the UK session or the US session stop loss $1236 for $1255 and $1277

Jobbers sell below: Sell if and only if gold trades below $1236 stop loss $1252.20 for $1219.90 and $1203.30

  • Gold needs to trade over $1245 to rise to $1274 and $1296
  • There will be sellers on the rise as long as gold trades below the $1245-$1250 zone.
  • Initial support is at $1234. There will be a big sell off if gold trades below $1234 either in the UK session or the US session.
  • Jobbers watch $1229 and $1246.00
  • A daily close over $1219 today will result in $1303.70 by next week.

COMEX SILVER MARCH 2016 – current price $1566.50

Bullish over $1548 with $1582-$1616 and $1683.50 as price target

Bearish below $1529 with 1509-$1492 and $1437 as price target

Neutral Zone between: $1529 and $1548

Jobbers aggressive buy over: Buy over $1577 stop loss $1548 for $1598-$1616 and $1643

Jobbers sell below: sell silver below $1548 stop loss $1562 for $1532 and $1505

  • Key resistance till next week is at $1643. In case silver does not break $1643 by next week, then it will fall back to $1463 and $1410.
  • Today silver needs to trade over $1582 to continue its bullish run.
  • There will be sellers as long as silver trades below $1582.
  • Jobbers watch $1562 and $1582 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $27.41

Bullish over $26.60 with $28.30-$29.90 and $31.80 as price target

Bearish below $25.90 with $25.40-$24.90 and $23.90 as price target

Jobbers buy over: Buy at $24.20 stop loss $22.90 for $29.50-$31.20

Jobbers sell below: Sell below $26.90 stop loss $27.60 for $25.30 and $23.90

  • Key support is at $26.50. Crude oil needs to trade over $26.50 to prevent a fall to $24.90 and $23.10
  • One needs to watch for weekend short covering.

COMEX COPPER MARCH 2016 – current price $201.90

Bullish over $204.90 with $208.20 and $212.30 as price target

Bearish below $200.20 with $197.90 and $194.10 as price target

Neutral Zone between: $200.20 and $204.90

  • Copper needs to trade over $199 today to rise to $204 and $211
  • There will be a big sell off if copper trades below $199 either in UK session or US session.

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

Follow us on Twitter @insigniaconsul1

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

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: Friday, 12 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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