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Asian Metals Market Update: May-25-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 25 May 2017 | Print  | Disqus 

Gold and silver are bullish after the FOMC minutes. Fed policy makers signaled they wanted more evidence that recent weakness in economic growth was transitory before removing monetary stimulus further. So basically if May nonfarm payrolls comes in below 150,000 then June’s interest rate hike will not be there. Any indication of interest rate hike postponement will be bullish for US dollar denominated asset class.


We also have the UK election in two weeks time. Technically the euro and cable are bullish against the US dollar. Cable will zoom if there are no surprises in the UK elections. (I expect Ms. May to come back to power even more strongly). Currency market trends will affect metals and not energies.


One needs to trade in the technical. Trading volumes in MCX took a knock down in the month of May. I believe that was due to unofficial betting in the IPL cricket league. Volumes will zoom from June in MCX metals and energies. Higher GST rate (if any) in gold and silver will attract more jewelers to hedge in MCX instead of buying physical (at lower prices). Retail participation in MCX metals and energies trading is way below expectation. I expect greater retail participation once MCX starts options in metals and energies.


COMEX SILVER JULY 2017 – current price $1720.40

Bullish over $1702 with $1731 and $1773 as price target

Bearish below $1684 with $1672 and $1654 as price target

Neutral Zone between: $1684 and $1702

Jobbers aggressive buy over: buy at $1716 stop loss $1707 for $1751

Jobbers sell below: No call

·         Silver needs to trade over $1708 for the rest of the day to rise to $1737 and $1761.

·         Sell off if silver trades below $1707.

·         Trend is bullish.

COMEX COPPER JULY 2017 – current price $258.40

Bullish over $255.10 with $260.40 and $262.70 as price target

Bearish below $252.90 with $251.10 and $249.10 as price target

Neutral Zone between: $252.90-$255.10

  • Copper can rise to $262.70 as long as it trades over $255.
  • Sell off only below $255.00.

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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