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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 26 February 2016 | Print  | Disqus 

COMEX FUTURES REPORT

Citi bank says that a global recession could be very near. US GDP numbers are the key today. Next week will be also all about taking positions for the second quarter. Every financial investment in every nation has the risk of reversing the current direction in March. If they are falling, they will rise and vice-versa. Central banks have been very active manipulators in financial markets this year. Their role as a guide to the markets will only increase in March. Central action as well as central bank inactions should be bullish for gold.

 

However the rise of gold prices in March will be dependent on the ability/inability to break and trade over $1275. If gold breaks and trades over $1275 in March then it will zoom to $1455. If gold does not break and trade over $1275 in March, then it will bite the dust to $1127 and $1027. I am not trying to scare gold investors. But gold has reached a distance between the slip or the lip.

 

Good news for gold bulls is that japan is considering making bitcoins as a legal tender. More nations could ape Japan. Crypto currencies are the future. Certain crypto currencies are backed by gold. I foresee a direct correlation between bitcoins and gold prices if and when Japan accepts it as legal tender.

 

Silver traders need to be carefull. Looks a bit shaky.

 

COMEX GOLD APRIL 2016 – current price $1237.70

Bullish over $1222.10 with $1244.60-$1254.70$1263.30 and $1272.10 as price target

Bearish below $1217.70 with $1213.30-$1207.20 and $1197.60 as price target

Neutral Zone between $1217.70 and $1212.10

Jobbers aggressive buy over: Buy at $1219 stop loss $1198 for $1255 and $1273 or buy over $1241 stop loss $1237 for $1247 and $1261.

Jobbers sell below: Sell at $1272 stop loss $1286 for $1238 and $1209

  • Gold needs to trade over $1240 today to rise to $1253 and $1270.
  • There will be short covering and technical breakout if gold manages to trade over $1240 either in the UK session or the US session.
  • Big crash if gold does not break $1272 by Monday. I will prefer to wait and watch and then decide to go intraday long.
  • Jobbers watch $1227.30 and $1238.80

COMEX SILVER MARCH 2016 – current price $1517.50

Bullish over $1520 with $1547-$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 $1498 stop loss $1477 for $1573

Jobbers sell below: sell silver below $1515 stop loss $1527 for $1504 and $1477

  • Silver needs to trade over $1500 today to rise to $1547 and $1576.
  • There will be a big sell off if silver trades below $1500 either in UK session or US session.
  • Jobbers watch $1515 and $1530 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $32.88

Bullish over $31.60 with $33.30-$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 $32.10 stop loss $29.40 for $34.70 and $37.20

Jobbers sell below: Sell below $31.70 stop loss $32.40 for $30.70 and $29.90

  • 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 $28.00
  • Jobbers watch $32.90 all the time.

COMEX COPPER MARCH 2016 – current price $208.40

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
  • There will be buyers on dips as long as copper trades over $204-$208 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: Friday, 26 February 2016 | E-Mail  | Print  | Source: GoldSeek.com

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