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Asian Metals Market Update: Apr-26-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 26 April 2017 | Print  | Disqus 

We just might see some consolidation due to lack of major news. There is no big news from the Korean peninsula. Economic data releases are not that exciting to cause a furor in the markets. The direction of the US dollar will be the key for metals and energies today.


Asian demand will also affect gold prices. Silver prices have fallen on a technical breakdown below key moving averages. Copper and industrial metals are tracking global equity markets for now. Industrial demand will be the key for copper prices till end June. Investment demand will be key to silver prices till end June. Ultimately fundamentals will dictate metals and energies.


US GDP numbers later in the week and next week’s nonfarm payrolls will affect gold as well as the US dollar. Incoming US economic data releases from the USA (released in April) has been mixed. I expect April NFP below 190,000, which should spur gold. I also expect some surprises in French elections on 7th May.  Even if Le Penn may not win, voter analysis will disturb the euro as well as European financial markets.


Trade very carefully. Movement will be two way.


COMEX SILVER MAY 2017 – current price $1765.80

Bullish over $1784 with $1799 and $1817 as price target

Bearish below $1764 with $1742-$1731 and $1709 as price target

Neutral Zone between: $1764 and $1784

·         Key short term support is at $1742. Silver needs to trade over $1742 to prevent a crash to $1698.60 and $1654.10.

·         A daily close below $1770 will be very bearish for silver.

·         Buyers will be there only if silver trades over $1780 or silver does not fall below $1740.

MCX SILVER MAY – previous day close Rs.40416

Silver is trading below two hundred week moving average of 40678 and can fall to 40028 and 39639 as long as it trades below 40678. Intraday bullish trend will be there only over 40678 to 40900 and 41314. From a technical perspective, a daily close below 40200 today can spell death knell for MCX silver bulls.

(prices in Indian Rupees above)

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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