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Asian Metals Market Update: Apr-28-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 28 April 2017 | Print  | Disqus 

Momentum as well as technicals are bearish for gold and silver. Geopolitics is not supporting bullion. Israel attacking Syria is a game changer and also an indication that regime change in Syria will be much sooner. Next week traders will shift focus to economics with the FOMC meet and US April nonfarm payrolls. France elections voter analysis will have a bigger impact than the actual results.


Crude oil is looking mildly bearish. Incoming news will be the key for the markets. Gold has fallen whenever traders have focused on interest rates. Next week incoming economic data releases will focus on the global interest rate cycle. Monday holiday in Europe implies traders will take positions for Tuesday.


Today’s close is very crucial for all metals and energies from a technical perspective.


COMEX GOLD JUNE 2017 – current price $1266.70

Bullish over $1259.90 with $1274.30 and $1280.20 as price target

Bearish below $1253.60 with $1248.80 and $1241.70 as price target.

Neutral Zone between: $1263.60-$1259.90

  • Failure to break and trade over $1292 by 9th May will result in a fall to $1229 and $1196.70.
  • The price region between $1260-$1270 is very crucial for gold bulls. Jobbers watch $1265 all the time. Remain on the sidelines despite the bearish momentum.
  • Gold needs a daily close over $1270 today for bulls to have the upper hand next week.

MCX GOLD JUNE – short term view.

The wider price range is 28116-28446-29080-29877. Big crash to 28116 and further to 27474 will be there only if gold does not break 29877 by 12th May. Right now gold can move 400-500 either side anytime. Momentum is very bearish. Jobbers watch 28700 all the time.

Key long term support is at 26862. Medium term investors should use sharp dips to invest ion gold with a trailing stop loss below 26862. The only risk to this view is (a) sharp gains in Usd/inr to 61.00 and below (b) Custom duty cut on gold imports as suggested by Niti Aayog.

(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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