Asian Metals Market Update: A daily close above $2,056 triggers..

April 05, 2023

Comex Report for 5^th April 2023

Spot gold needs to trade over $2018.00 to continue its yesterday’s rise and target $2047.90, $2072.10 and $2096.20.
Spot silver has to trade over $25.22 to continue its rise.

The recipe for the continuation of the bullish trend in gold price is there. Slowdown in US ISM Manufacturing number and factory orders and a sharp fall in JOLTS jobs opening indicates that interest rates will not rise in May and June Federal Reserve meeting. US dollar is supposed to weaken. Whenever economics takes over inflation in central bank priority decision making, interest rates will be cut.

Global economic slowdown is the reason for Opec announcing production cuts. Opec does not want brent crude oil price below $80.00 this summer. Yeah, I am very bullish on global crude oil demand for the rest of the year and next year. Fall (if any) will be temporary w.r.t crude oil demand.

Sometimes Nonfarm payrolls and JOLTS job opening come in reverse direction. Gold gains can still be reversed if NFP for March comes in very high. Monday (10^th April) and Tuesday (11^th April) can be big days for gold and silver. Spot silver if it trades over $25.00 till 11^th April will rise to $30.00 before end April.

Hold on to your long positions in gold and silver. But for new investment one needs to wait for NFP. In my view a lot of buy stop losses will be triggered if spot gold price trades over $2055-$2065 zone. A daily close over $2056 today, tomorrow and on Monday is need for spot gold to rise to $2262 and $2497. One needs to keep a close watch at $2056 (spot gold) and $25.00 (spot silver) for the next seven days.

Trend of gold and silver and after ISM non-manufacturing number is the key.

Spot Gold

Daily support: $1987.00, $2005.40 and $2018.00
Daily resistance: $2056.70 and $2091.40
Spot Gold needs to break and trade over $2056.70 resistance and target $2091.40 and $2118.50.
Crash or sell off will be there if does not break $2056.70 today to $2005.40 and $1978.90.

Spot Silver:

Daily Support: $24.50.
Daily Resistance: $25.45 and $25.98
Spot silver has to trade over $24.50 to rise to $25.98 and $26.40.
Crash point is $24.50 today.

COMEX GOLD JUNE 2023

Key supports are: $1996.20 and $2018.40
Gold has to trade over $2058.00 to continue its rise and target $2080.10 and $2122.10.
Gold will also crash if it does not break $2058.00 today,
Gold will also crash if it trades below $2018 after London opens.

COMEX SILVER MAY 2023

Key support: $2463.00
Silver has to trade over $2463 to rise to $2609 and more.
Mild sell off will be there if silver trades below $2490.
Crash point is at $2463.

NYMEX CRUDE OIL (May 2023)

Crude oil has to trade over $78.50 to rise to $85.20.
Sell off will be there if crude oil trades below $78.50.

COMEX COPPER MAY 2023

Copper has to trade over $391.00 till tomorrow to be in a short term bullish zone.
A daily close below $391.00, today, tomorrow and Monday will cause a big slide to $373.40.

COMEX FUTURES DAILY TECHNICAL
	Gold June 23	Silver May 23	Copper May 23	Nymex Crude oil
CMP	$2,040.65	$2,526.70	$397.05	$81.15
S5	$1,963.15	$2,334.00	$381.95	$73.11
S4	$1,981.75	$2,380.25	$385.57	$75.04
S3	$2,001.90	$2,430.35	$389.50	$77.13
S2	$2,011.05	$2,453.09	$391.28	$78.08
S1	$2,022.36	$2,481.22	$393.49	$79.25

R1	$2,058.94	$2,572.18	$400.61	$83.05
R2	$2,070.26	$2,600.31	$402.82	$84.22
R3	$2,079.40	$2,623.05	$404.60	$85.17
R4	$2,099.55	$2,673.15	$408.53	$87.26
R5	$2,118.15	$2,719.40	$412.15	$89.19
Breakdown level	$2,021.28	$2,478.53	$393.28	$79.14
Breakout Level	$2,060.03	$2,574.88	$400.83	$83.16
CMP= Current price market price
ABOVE TECHNICALS ARE ONLY FOR REFERENCE

LME COPPER SPOT (Current Market Price: $8763.50)

Key support: $8476.00 and $8674.00
Key resistance: $8896 and $9093
There can be rallies in copper as long as it trades over $8674 to $8905 and more.
The next big sell off will be there if LME copper spot trades below $8674 after London opens and till days close.

LME NICKEL SPOT (Current Market Price: $23123.00)

Key support: $22624.00
Key resistance: $23622.00
Anything can happen zone: $22000-$22500.
There can rallies if nickel does not fall below $22561 to $24118 and more.
Trend and momentum is down for all base metals and not just nickel. But I be cautious going short in nickel as prices are already trading with a falling bias.