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Asian Metals Market Update: May-13-2016

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 13 May 2016 | Print  | Disqus 

  • Gold will break free from the $1250-$1300 range soon and form a new range.
  • Silver needs to trade over $1688 to prevent another sell off.
  • A daily close below $1262 today will be bearish for gold for next week.

Gold and silver should start to rise after May’s option expiry. I will prefer to use sharp dips till May’s option expiry to invest for June and July. In the absence of major market moving news, there has been range bound trade for gold and silver. Copper fell yesterday on a technical breakdown. Physical demand for gold will be on the rise for all nations except India. Indian gold outlook for the rest of the year will be clear by mid June, when monsoon rains arrive.


One needs to trade very carefully as movement is two way. As per the world gold council, gold investment demand from all over the world has been on the rise. The outlook for gold investment demand is positive for the future. One needs to remain on the sidelines.


COMEX JUNE 2016 – current price $1268.85

Bullish over $1262.10 with $1282.20 and $1296.70 as price target

Bearish below $1254.30 with $1239.90-$1221.30 as price target

Neutral Zone between $1254.30 and $1262.10

  • There is a technical congestion between the $1278-$1296 zone. Gold needs to trade over this zone to rise to $1309 and $1327.
  • Gold buy stop losses will be triggered if gold trades below $1249 either in the UK session or the US session
  • I prefer to remain on the sell side as long as gold does not break $1296.
  • Jobbers watch $1266 all the time.

COMEX SILVER JULY 2016 – current price $1705.00

Bullish over $1727 with $1757-$1778-$1812 as price target

Bearish below $1688 with $1657 and $1586 as price target

Neutral Zone between: $1688 and $1727

  • Silver will see buy stop losses getting triggered if it trades below $1688.
  • The region between $1660-$1690 is an “anything can happen zone”. Trade very carefully in this zone.
  • I am against buying unless silver breaks and trades over $1810 till next week.
  • Jobbers watch $1696 and $1727 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $46.18

Bullish over $44.69 with $46.80 and $49.10 as price target

Bearish below $43.10 with $42.20 and $40.40 as price target

  • Crude oil needs to trade over $45.00 to rise to $49.10
  • There will be sellers only below $45.00.

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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