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Asian Metals Market Update

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 8 April 2016 | Print  | Disqus 


The longer gold trades over $1200, the more it will attract investment demand. To me it seems that foundations of a 2004 style of big bull run is being laid for gold. I am closely watching gold and the Japanese Yen for the next three weeks for a 2004 style of rise (gold prices zoomed from $380 to $735 in less than six months in 2004-2005 and thereafter have not looked back.). Over the back more than a decade, gains in gold have always been backed by gains of Japanese yen against the US dollar. The Japanese yen is at a critical point against the US dollar. It needs to trade over 105 to prevent a fall to 99.20 and 87.00. Bank of Japan direct intervention have been total failures as per history. I think he bank of japan will not intervene directly to stem gains of the Yen.


Inflation and cost of living in the northern hemisphere will rise as summer approaches. Energy prices to me have formed a long term bottom. Central banks all over the world will be hesitant to cut more rates. Inflation should be positive for bullion.


Over the next six months central bank demand and gold investment in ETF’s will be the key. Asian demand for gold will be very volatile.


COMEX JUNE 2016 – current price $1238.20

Bullish over $1219.20 with $1247.80 and $1262.50 as price target

Bearish below $1210.20 with $1206.20-$1202.10-$1197.10 and $1184.80 as price target

Neutral Zone between $1210.20-$1219.20

Jobbers aggressive buy over: buy at $1230 for $1263 stop loss $1218.10 or buy if gold trades over $1242 stop loss $1236.10 for $1252 and $1267.

Jobbers sell below: Sell at $1262 stop loss $1277 for $1242 and $1230.

  • There is a technical congestion between $1247 and $1254. Only a break of this zone will trigger another wave of rise to $1277 and $1292.
  • Initial support is at $1236.
  • Do not hurry into selling.
  • Jobbers watch $1234.30 and $1242.20

COMEX SILVER MAY 2016 – current price $1520.00

Bullish over $1506 with $1539-$1557-$1582-$1603 as price target

Bearish below $1488 with $1469 and $1446 as price target

Neutral Zone between: $1488 and $1506

Jobbers aggressive buy over: Buy at $1500 stop loss $1479 for $1549-$1586

Jobbers sell below: sell silver below $1400 stop loss $1511 for $1477-$1449

  • Silver needs to trade over $1488 today to rise to $1537 and $1586
  • There will be another big rise only if silver manages to trade over $1536.
  • Jobbers watch $1496 and $1524 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $37.92

Bullish over $35.80 with $40.70 and $42.70 as price target

Bearish below $34.90 with $33.70-$33.10 and $31.20 as price target

Jobbers buy over: Buy at $37.40 stop loss $35.90 for $40.20 and $42.20

Jobbers sell below: Sell below $35.80 stop loss $36.90 for $33.90 and $32.90

  • A short term bottom has been formed. Crude oil can rise to $42.20 and $48.10 as long as it trades over $35.00
  • There will be buyers only if crude oil manages to trade over $38.10

COMEX COPPER MAY 2016 – current price $208.40

Bullish over $212.20 with $216.10 and $222.20 as price target

Bearish below $208.40 with $203.10 and $198.10 as price target

Neutral Zone between: $208.40 and $212.20

  • Looks bearish and needs to trade over $206 to prevent another wave of selling to $203 and $198
  • Big crash only if copper trades below $206.

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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