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Asian Metals Market Update: Apr-25-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 25 April 2017 | Print  | Disqus 

North Korea is supporting gold and silver from moving into a short term bearish zone. I prefer to use the fall (if any) in gold and silver over the next two weeks to invest for the medium term to long term. US GDP numbers, US April jobs numbers (5th May) and France presidential elections (on 7th May) are there to cause a royal rumble.  Traders will be taking positions for the same. Excess positions (long and short both) will get reduced. Low risk investors will prefer to sit on cash and invest only if there is a stable road ahead.


Technical will have a role to play as the euro and cable will try to break key resistances while gold, silver, copper and crude oil will try to hold key short term supports. It will be a day traders/jobbers paradise for the next two weeks. Industrial metals will move on fundamentals.


Asian buyers will use dips in prices of gold and silver to buy more. Hindu summer marriage season begins with “Akshay Tritiya” on 28th April. Gold demand will be there on dips.


COMEX GOLD JUNE 2017 – current price $1275.40

Bullish over $1275.50 with $1283.80 and $1294.20 as price target

Bearish below $1267.10 with $1263.20-$1259.70 and $1252.80 as price target.

  • Key support is between $1259-$1267. Gold needs to trade over this zone to rise to $1318 in the short term.
  • Big crash only if gold trades below the $1259-$1267 zone.
  • Remain on the sidelines. Jobbers watch $1275.

MCX GOLD JUNE – previous day close Rs.29131

Gold needs to trade over 28940 to rise to 29360 and 29590. Big sell off only below 28940 to 28761 and 28598. Initial support is at 29056. Remain on the sidelines. Buying preferable only if gold trades over 29200 either in the UK session or the US session with a trailing stop loss.

COMEX COPPER MAY 2017 – current price $258.80

Bullish over $255.00 with $261.90 and $263.90 as price target

Bearish below $252.90 with $249.70 and $247.30 as price target

Neutral Zone between: $252.90-$255.00

  • Copper can rise to $265 as long as it trades over $252-$255 zone.
  • There will be another wave of rise if copper trades over $259 today.
  • Copper may have formed a short term bottom.

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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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)




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