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Asian Metals Market Update: May-03-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 3 May 2017 | Print  | Disqus 

The Federal Reserve statement today will also spell the US dollar policy. Incoming US economic data releases so far have been mixed. Long term prospects of the US economy are rosy. Infosys said it plans to hire 10,000 U.S. workers in the next two years and open four technology centers in the United States, starting with a center this August in Indiana. Curbs on H1B visas will result in hiring of more Americans and less outsourcing. Measures taken by Trump and his team are pro growth but unpopular.


A hawkish FOMC statement will cause furor. The direction of the Japanese yen against the US dollar after the FOMC will affect metals. Energies will move on their own and not get swayed by currency market moves. Physical demand for gold and silver will depend on the short term trend. Any indication of a short term bearish trend reversal in gold and silver can result in good physical demand in India and China. I do not think ETF investors of gold and silver will lag physical buyers in the event of a resumption of the short term bullish trend.


COMEX GOLD JUNE 2017 – current price $1257.55

Bullish over $1258.60 with $1263.30 and $1272.45 as price target

Bearish below $1254.40 with $1249.00 and $1238.90 as price target.

  • Gold needs to trade over $1249 to rise to $1274 and $1292.
  • Overall trend is down but big crash only below $1249.
  • A daily close below $1249 today and Friday will be very bearish for gold in the short term.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $48.04

Bullish over $48.80 with $50.10 and $51.10 as price target

Bearish below $48.10 with $47.60 and $46.70 as price target

  • Crude needs to trade over $48.20 to prevent a fall to $47.40 and $46.20
  • A daily close below $48.00 today and tomorrow will result in $43.80 in the short term.

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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