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Asian Metals Market Update: May-5-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 5 May 2016 | Print  | Disqus 

All metals and energies will zoom and the dollar collapse story will restart if US April nonfarm payrolls comes in below 160,000. A NFP number below 160,000 will imply that there will not be any interest rate hike this year by the Federal Reserve. The Federal Reserve is the only key central bank to tighten, the rest of central bank bias is towards increasing the reign of free money. Any expectations of an increase in global liquidity will result in commodity prices sky rocketing and short term quick gains in emerging market currencies.


The next three days are very crucial for all metals and energies. China reopens next week. Use sharp dips till tomorrow to buy for next week. However at the moment gold, silver, crude oil and copper are looking mildly bearish.


COMEX SILVER JULY 2016 – current price $1748.00

Bullish over $1741 with $1812-$1856-$1977 as price target

Bearish below $1719 with $1696 and $1660 as price target

Neutral Zone between: $1719 and $1741

  • Silver needs to trade over $1700 to prevent buy stop losses from getting triggered.
  • Only a break of $1780 either in the UK session or the US session will attract short covering
  • Jobbers watch $1722 and $1782 all the time.

MCX SILVER JULY – previous day close Rs.41291.

Silver needs to trade over Rs.40600 till tomorrow to rise to Rs.42700 and Rs.44400. There will be a big crash in silver if it trades below Rs.40600 in the US session. I am against short term investing in silver at current prices and rather will prefer to invest only if it manages to trade over Rs.43000 anytime this month.

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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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)




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