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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 19 February 2016 | Print  | Disqus 

COMEX FUTURES REPORT

Gold managed to break the shackles and rise in a US session. Over the years whenever gold prices have risen in a US session they have been sustained. Now gold looks headed for $1314. A daily close over $1210 today will be bullish for next week. Physical demand for gold in Asia will rise this week. Discounts on gold will start to vanish as gold prices are showing signs of a sustained rise.

 

Developments in Syria will be closely watched. There is speculation that Turkey along with Israel together want to own a part of Syria. Russian and Iranian reaction will be closely watched in this regard.

 

Central bank action and inaction will be closely watched for the next few weeks. Gold versus equity markets investor’s dilemma will be there. In an emerging market like India, the investors dilemma will be even more high. For Indians selected stocks can give over two hundred percent returns over the next twelve months plus the dividends. However a fundamentally weak Indian economy and debt ridden Indian corporates pose a risk to stock investment and will lure Indians to increase their allocation to gold purely for investment purposes.

 

I believe that future markets is purely for trading purposes and should never be used for investment purpose.

 

COMEX GOLD APRIL 2016 – current price $1227.90

Bullish over $1214.00 with $1234.70-$1249.70 and $1263.60 as price target

Bearish below $1207 with $1199.90-$1194.80 and $1189.60 as price target

Neutral Zone between $1207.00 and $1214.00

Jobbers aggressive buy over: Buy at $1219 stop loss $1209 for $1242 and $1263

Jobbers sell below: Sell if and only if gold trades below $1214 stop loss $1217.30 for $1208.90 and $1202.10

  • $1236 price target achieved. Gold needs to trade over $1219 today to rise to $1240 and $1263
  • There will be buyers on dips as long as gold trades over $1195-$1210 zone today.
  • Initial resistance is between $1234 and $1240.
  • Jobbers watch $1219 and $1229.70

COMEX SILVER MARCH 2016 – current price $1540.00

Bullish over $1520 with $1557-$1573 and $1633.30 as price target

Bearish below $1505 with $1491 and $1466 as price target

Neutral Zone between: $1505 and $1520

Jobbers aggressive buy over: Buy at $1510 stop loss $1488 for $1573

Jobbers sell below: sell silver below $1530 stop loss $1542 for $1519 and $1507

  • Silver needs to trade over $1520 today to rise to $1570 and $1605.
  • There will be buyers on dips as long as silver trades over $1500.
  • Jobbers watch $1524 and $1553 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $30.50

Bullish over $30.40 with $31.70 and $33.80 as price target

Bearish below $28.70 with $28.10-$27.30 and $26.10 as price target

Jobbers buy over: Buy at $27.70 stop loss $25.90 for $32.80 and $35.20

Jobbers sell below: Sell below $30.10 stop loss $30.70 for $29.10 and $27.10

  • Crude oil will break free from $27-$33 range and form a new range.
  • It is better to remain on the sidelines till Monday.

COMEX COPPER MARCH 2016 – current price $206.50

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 can rise to $213 and $219 as long as it trades over $204
  • There will be sellers only if copper trades below $204 either in the UK session or the 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, 19 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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