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Asian Metals Market Update: Apr-13-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 13 April 2017 | Print  | Disqus 

Only profit taking can now bring down gold and silver. If gold and silver rise till close then massive short covering will be there today as well as on Monday. It is a happy Easter for gold and silver bulls. Technically Monday’s close will decide how much gold and silver will rise till end June. Gold will fall or correct once investor focus switches to American economic growth and global growth.


Trump wanted a weaker US dollar right from the time he was elected the President. He has achieved this goal.  Add to pile up is Syrian risk and North Korean Risk and we get to see gold price rising albeit belatedly. North Korea seems to go the Iraq way as now Trump wants to annex North Korea on the pretext of possessing Nuclear weapons. I am sure that nuclear weapons will not be found in North Korea. Eastern Europe and Eastern Asia are now in a war zone. This will ensure that gold prices continue to rise or remain firm.


Volatility will also rise with every rise in the prices of gold and silver. Chinese economic growth could slowdown if and when there are chances of a removal of North Korean dictatorships. Chinese industrial metals demand will slowdown if then when near warlike situation arises in Korean peninsula. Copper and zinc right now are fundamentally the most bullish among all industrial metals. Nickel and Iron ore are fundamentally most bearish. Mine worker strikes and closure of mines due to environmental issues will continue to affect industrial metal prices for the rest of the year.


Now I am more focused on North Korea as nuclear issue has been started by Americans. Fake news will be at its peak going ahead. Syria’s Assad can be removed anytime when Americans want. Russian’s will not be able to do anything. Russian foreign policy has been a big failure on Iraq and Afghanistan and the failure will be followed in Syria too. However China has interest in North Korea. China shares its borders with North Korea. The Chinese are entangled with dispute as to who rules the South China Sea. Chinese reaction or Chinese action to North Korea will affect gold prices in the short term too.


Keep a close a watch on silver’s under performance.


COMEX GOLD JUNE 2017 – current price $1289.20

Bullish over $1277.60 with $1306 and $1336.10 as price target

Bearish below $1266.10 with $1258.60-$1243.80 as price target.

Neutral Zone between: $1266.10-$1277.60

  • Gold targets $1307 and $1339 as long as it trades over $1272.
  • Initial support is at $1272. There will be sellers below $1272 and a crash if gold trades below $1272 either in the UK session or the US session.
  • A daily close over $1278 today should be very bullish for next week.

MCX GOLD JUNE – price in Indian rupees below

Gold can rise to 29777 and 30314 in the short term as long as it trades over 29121. Initial intraday support is at 29325. As long as gold trades over 29121-29325 zone downside risk will be limited. A daily close over 200 day moving average of 29521 today should be very bullish for next week.

COMEX COPPER MAY 2017 – current price $255.60

Bullish over $256.70 with $259.10 and $263.70 as price target

Bearish below $254.10 with $251.70 and $248.80 as price target

Neutral Zone between: $254.10-$256.70

  • Key long term support is at $247. Copper needs to trade over $247 for the rest of the month to rise to $274.
  • Use sharp dips to invest with a stop loss below $243
  • Right now initial support is at $253. Copper can still rise to $263 as long as it trades over $253.
  • Big crash only if copper trades below $253 either in the UK session or the US session.
  • A daily close below $259.40 today and tomorrow will be very bearish for copper for next 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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