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Asian Metals Market Update: May-6-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 6 May 2016 | Print  | Disqus 

  • Gold has a mini inverted head and shoulder formation on the cards. This is a bearish signal.
  • A daily close below $1270 today will be bearish for next week.
  • US April nonfarm payrolls needs to come in below 160,000 for gold prices to rise.

Lack of Chinese investment demand has so far caused metals to fall. China will reopen next week. Chinese investment demand in metals and energies will be the key to the continuation of a bullish run. Do not go by the headline numbers of nonfarm payrolls. I am not a buyer in gold unless it trades over $1309 after the release of US nonfarm payrolls. If gold falls, silver will nosedive. I am against buying unless it trades over $1860 for the rest of the month. If you are already invested in silver, then use a stop loss of $1532. My view is to invest in gold and silver only when there is a clear trend reversal. At the moment gold and silver are at a critical juncture where it can move five percent either side anytime.


Remain on the sidelines. US April nonfarm will affect markets only if the numbers come in on either side of the extreme expectation.


MCX JUNE 2016 – Previous day close Rs.29897

Failure to break Rs.30800 by next Friday will result in a fall to Rs.28780 and Rs.27900. Initial support is at Rs.29700. Gold needs to trade over Rs.29700 today to rise to Rs.30500 and Rs.30800. Big crash only if gold trades below Rs.29700 after the release of NFP.

COMEX COPPER JULY 2016 – current price $214.90

Bullish over $219.00 with $226.30 and $232.10 as price target

Bearish below $214.90 with $211.30 and $207.10 as price target

Neutral Zone between: $214.90 and $219.00

  • Looks bearish and needs to trade over $208 till Monday to prevent it from moving into medium term bearish trend.
  • There will be sellers below $214 today.

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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