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Asian Metals Market Update: Apr-20-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 20 April 2017 | Print  | Disqus 

Lack of news resulted in gold and silver correcting yesterday which if it continues today will result in a mild sell off. Indian demand and Asian demand will be the key for gold and silver. Investment demand for gold and silver is expected to remain firm as long as they trade over $1258 and $1737.


US economic data releases point to steady growth. Japan and other nations in Asia are also showing signs of a sustained economic recovery. Gold and silver will fall if and when economics take over Europe election risk and geopolitics risk. However sharp corrections should be used to invest for the medium term to long term in gold and silver. Expansion in industrial uses of silver will ensure that silver moves into deficit by next year.


Copper and other industrial metals will dictated by Chinese demand pickup. Crude oil will consolidate in wider range.


COMEX GOLD JUNE 2017 – current price $1281.00

Bullish over $1292.10 with $1297.80-$1304.70 and $1314.10 as price target

Bearish below $1278.70 with $1272.10-$1259.50 as price target.

  • Trend is neutral to bearish. Failure to break $1307 by Monday will result in a fall to $1268 and $1240 and then the next move higher to $1369.
  • Remain on the sidelines. Jobbers watch $1278.

COMEX COPPER MAY 2017 – current price $251.80

Bullish over $255.30 with $260.90 and $263.70 as price target

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

Neutral Zone between: $254.10-$255.10

  • Copper needs to trade over $249 to prevent a sell off to $246.70 and $241.80.
  • 200 day moving average at $246.70 is the key long term support.
  • Only a break of $254.40 will resume the intraday bullish zone.
  • Trend is down but technically oversold.

MCX INDUSTRIAL METALS – prices in Indian rupees below

MCX Zinc April: Zinc needs to trade over 163.60 to rise to 168.90 and 172.70. Sellers will be there only below 163.60 to 160.70 and 158.20.

MCX Lead April: Lead has a long term technical support between 132-135.60 and 137.70. It needs to trade over this zone for the rest of the month to rise to 156.90. Momentum is bearish for lead. There will be buyers only if lead manages to trade over 140.20 to 142.50 and 146.80. Key price to watch today is 140.20.

MCX Nickel April: Key support is at 596.60. Nickel needs to trade over 596.60 to rise to 618.70 and 639.50. Another big sell only below 596.60 to 566.50. Technically oversold. Nickel is fundamentally bearish. One needs to look for signs of a trend reversal.

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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