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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 24 February 2016 | Print  | Disqus 

COMEX FUTURES REPORT

Short term investment sentiment for gold in India and across Asia is bullish. Retail gold demand in India will rise as the week progresses and into March. In India there is massive speculation that prices in India will rise to Rs.35000/ten grams (current price is around Rs.29500/ten grams) in the next three months. However the direction of gold prices after the release of US February nonfarm payrolls will be interesting. Till the release of the release of US February nonfarm payrolls on 4th March, gold prices could trade in a wider $1180 and $1315 range.

 

The Euro/usd is on the verge of a technical breakdown. The Usd/Jpy is on the verge of a technical breakout. These contrarian moves against the US dollar will create confusion among investors and will be short term bullish for gold. There are no significant market moving economic data releases from America today. Till the Federal Reserve meeting around the “ides of March” investors will be focused on whether what can or what will change the outlook of interest rates by the Federal Reserve. After the release on US February nonfarm payrolls, even I had said that an interest rate hike will happen either in the June meeting of the Federal Reserve or beyond. I will also be looking for clues as to what can induce the FOMC to have an interest rate hike before June.

 

Movement of crude oil prices and copper reflects that traders and jobbers are on the fringe and closing open positions quickly.

 

The reduction in Indian gold imports so far this year is purely cyclical and will pick as the year progresses.

 

COMEX GOLD APRIL 2016 – current price $1228.00

Bullish over $1214.10 $1231.60-$1238.80 and $1255.30 as price target

Bearish below $1209.10 with $1206.20-$1201.20 and $1193.30 as price target

Neutral Zone between $1209.10 and $1214.20

Jobbers aggressive buy over: Buy at $1219 stop loss $1198 for $1255 and $1273 or buy over $1229 stop loss $1222 for $1244 and $1256.

Jobbers sell below: Sell at $1263 stop loss $1276 for $1244 and $1217

  • Gold needs to trade over $1229 today to rise to $1242 and $1270.
  • There will be short covering and technical breakout if gold manages to trade over $1231 either in UK session or US session.
  • Jobbers watch $1221 and $1231.60

COMEX SILVER MARCH 2016 – current price $1528.50

Bullish over $1520 with $1544-$1573 and $1626.10 as price target

Bearish below $1509 with $1492 and $1447 as price target

Neutral Zone between: $1509 and $1520

Jobbers aggressive buy over: Buy at $1478 stop loss $1447 for $1573

Jobbers sell below: sell silver below $1520 stop loss $1529 for $1511 and $1498

  • Silver needs to trade over $1500 today to rise to $1547 and $1576.
  • Right now silver is in a neutral zone.
  • Jobbers watch $1519 and $1544 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $31.31

Bullish over $32.20 with $34.70 and $36.80 as price target

Bearish below $30.40 with $29.70-$28.60 and $27.10 as price target

Jobbers buy over: Buy at $30.20 stop loss $29.40 for $32.20 and $33.10

Jobbers sell below: Sell below $30.80 stop loss $31.70 for $29.30 and $28.10

  • Crude oil will break free from $25-$36 trading range and form a new range. There will be buyers on dips as long crude oil trades over $23.00
  • Jobbers watch $31.10 all the time.

COMEX COPPER MARCH 2016 – current price $208.90

Bullish over $205.10 with $213.90 and $218.70 as price target

Bearish below $202.10 with $198.90 and $192.20 as price target

Neutral Zone between: $202.20 and $205.10

  • Copper can rise to $215 and $219 as long as it trades over $206
  • This week, there will be buyers on dips as long as copper trades over $202-$206 zone.

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: Wednesday, 24 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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