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Asian Metals Market Update: Apr-10-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 10 April 2017 | Print  | Disqus 

Trump is once again following his predecessors of war. The attack on Syria was uncalled for. There will be more attacks in Syria till Assad is removed. Later the Americans will convert Syria into another Libya, loot its wealth, loot its people, sell second hand outdated American weapons (just like Iraq) and convert it into another Iraq, Libya or Afghanistan. The hidden agenda is to capture Syria’s massive crude oil and natural gas reserves. Once you control energy prices you rule the world.


The side effects of such attacks are in the form of migrant crises in Europe and America. The common people of Europe also suffer due to the migrant crisis in the form of terror attacks by radical religious groups. Freedom of expression is curbed. Additional taxes are imposed to support migrants. National resources are affected as migrants also consume these resources which is followed by significant increase in the cost of living. Demographic changes in Europe caused by migrants will be gold positive in the medium term as well as long term.


Trump was unable to get any of his policy changed agreed to within his own party. It seems American are war loving people. Approval ratings increase, masses are focused on war and all policies are passed by the legislators with ease.


Gold and silver have in fact fallen despite the war. Traders are used to it. A much lower than  expected US march job numbers failed to lift gold and silver. This is disappointing. I am against taking fresh long positions in gold and silver unless it breaks $1280 and $1860 respectively. Traders have started factoring a June interest rate hike. Yellen and other Federal Reserve speeches need to be ignored for the time being. Industrial metals should remain firm.


COMEX GOLD JUNE 2017 – current price $1254.60

Bullish over $1262.20 with $1268.60 and $1275.40 as price target

Bearish below $1257.80 with $1250.30-$1242.60 and $1227.90 as price target.

Neutral Zone between: $1257.80-$1262.20

  • Repeated failure to breaks past $1275-$1280 zone is not good news for gold bulls.
  • 200 day moving average of $1240.60 is the key short term support. Gold needs to trade over $1240.60 this week to prevent a fall to $1227.90 and $1208.60.
  • Key price to watch is at $1254.10. There will be sellers below $1254.10.

MCX GOLD JUNE – prices in Indian Rupee below

Bullish over 28602 with 29189 and 29421 as price target.

Bearish below 28468 with 28747-28683 and 28490 as price target.

Neutral Zone: 28847-28930

  • 200 day MA at 28602 is the key support.
  • Key long term support is at 28117.
  • Gold can fall to 28117 if it falls below 28468.
  • Trade very carefully between 28468-28602 despite the bearish trend.

COMEX COPPER MAY 2017 – current price $261.80

Bullish over $265.10 with $269.60 and $271.70 as price target

Bearish below $263.20 with $260.20 and $257.10 as price target

Neutral Zone between: $260.20-$262.40

  • Copper is trading below the 100 day MA of $263.20 and can fall to 257.10 as long as it trades below $263.20.
  • Resistance is at $265.10.
  • In the past copper has managed to hold $254. The next two weeks will test $254.
  • A daily close below $263.20 (100 day MA) will be bearish for copper this week.

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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