2nd February: Asian Metals Market Update

Insignia Consultants

New Delhi

Friday, February 02, 2018

TIME 8:58 AM IST                         

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ASIAN METALS MARKET UPDATE

Gold rose on the back of rising bond yields and negative news on crypto currency news. After today’s US January nonfarm payrolls it will be a technical trade with Chinese demand and bond yields as the key. Today and Monday are big days for gold and silver. I expect $50 either side move in gold from the current price of $1347.90. Silver on the other hand needs a daily close over $1740 today and Monday to zoom.

Trader reaction to NFP has been very late over the past one year. I have seen reaction based on the numbers shift to the following Monday. Many a times on NFP days, gold, silver or the US dollar prices have reacted in just the opposite way of the NFP data and reversed on the following Monday. One needs to look for such signs today and Monday. No need to panic. Just trade in the technical.

COMEX GOLD APRIL 2018 – current price $1351.20

Bullish over $1351.10 with $1356.70-$1362.10 and $1380.60 as price target

Bearish below $1346.70 with $1342.30-$1337.90 and $1329.10 as price target.

Neutral Zone between: $1346.70 and $1351.10

Jobbers aggressive buy over: Buy at $1343 stop loss $1329 for $1380 (risky call)

Jobbers aggressive sell below: Sell if and only if gold does not break $1362 today.

  • Gold needs to trade over $1346 today to rise to $1363 and $1380.
  • Sellers will be there if gold falls below $1346.
  • Crash will be there if gold trades below $1333 after NFP.

COMEX SILVER MARCH 2018 – current price $1719.00

Bullish over $1712.20 with $1736.60 and $1753.80 as price target

Bearish below $1703.50 with $1692.90 and $1677.10 as price target

Neutral Zone between: $1703.50-$1712.20

Jobbers aggressive buy over: Buy at $1683 stop loss $1666 for $1766 – call till tomorrow.

Jobbers sell below: No call

  • Silver needs to trade over $1703.50 to rise to $1766.
  • Sellers will be there if silver trades below $1703.50 today.
  • Be prepared for a $80-$100 one way move anytime.

NYMEX CRUDE OIL (1ST CONTRACT)  – current price $66.11

Bullish over $65.20 with $66.90 and $68.00 as price target

Bearish below $64.60 with $63.90 and $62.40 as price target

Trading strategy:  Sell at $67.80 stop loss $70.20 for $64.40.

  • Crude oil can rise to $67.80 as long as it trades over $64.90.
  • Sellers will be there below $64.90.

COMEX COPPER MARCH 2018 – current price $321.10

Bullish over $321.20 with $325.60 and $331.30 as price target

Bearish below $318.30 with $312.40 and $309.50 as price target

Neutral Zone between: $318.30-$321.20

  • Copper needs to trade over $318 to rise to $327.40 and $331.50.
  • Copper will crash if it trades below $316.30.
  • Be prepared for $15 either side move in copper any time.

HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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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NOTES TO 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

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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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