Asian Metals Market Update for 24th April 2026

The consolidation period will be over in gold and silver, and a new range will be formed soon. On the higher side, in my view.

Bank of America's silver price target is between $135 to $309 per ounce by the end of 2026. I also expect the silver price to double or more by Diwali, which is around the second week of November. Gold, silver, and copper, all three are great for investment at the current price. (Period is twelve months or more with respect to the investment in this paragraph.)

The pace of rise could slow. There can be a very long period of consolidation. Why? Any significant escalation of the Iran War, accompanied by rising crude oil prices, will cause a sell-off even in the US stock markets and Chinese stock markets and a short-term bear market for precious metals.

Masses need food, energy, and electricity to survive. Masses can live without Artificial Intelligence and technology. The Iran war will result in ever-rising global food prices, ever-rising global energy prices, and ever-rising electricity bills. I do not believe in the media hypothesis of two quarters of mild slowdown followed by a growth trajectory. Only the USA will see a mild slowdown. Asia (including China and Japan) will see a big slowdown and a near-theoretical recession.

Global fund managers and global media are just focused on the economic growth/slowdown of the USA and China. Asset classes are impacted significantly only if there is an economic shake-up or economic shake-down in the USA or China. They ignore outside these countries. I am writing this as I expect India to see a significant slowdown and a significant rise in inflation for the rest of the year, and even for Indonesia and most of East Asia and Europe. The current trend is that all asset classes have ignored a combined Asian plus Europe slowdown beyond the next two quarters.

If the USA and China are everything to global financial markets, then the gold price will see another parabolic rise. Silver and copper will see another parabolic rise. However, it is difficult to predict the timing of the future expected parabolic rise.

Risk to the above view: If global asset managers include the whole of Asia for asset pricing, then I will prefer to wait for more correction to invest in silver and copper for an investment period of twelve months or more.

Indonesia has done a trade deal with Russia, Kazakhstan, and other Russia-friendly countries. There will be zero tax on exports and imports to and from these countries. The trade will be without US dollars. In Asia, Indonesia has been very aggressive, post-Iran War, to diversify trade and commerce. Indonesia is doing everything to reduce reliance on the USA and the US dollar. Other East Asian countries will follow Indonesia.

The years 2027- 2030 will see the Strait of Malacca as the choke point. Chinese armed forces could get involved. This a preplanned strategy for the cabal which rules the world. First Venezuela, then Iran, as the USA could sell the massive Venezuela crude oil reserves for the next decade.

The new Federal Reserve chairman will be there next month. The Federal Reserve meeting next week will be the last one for Powell. Trade carefully, as April is not over. China is closed from 1^st May to 5^th May. CME silver and CME copper May futures are in the delivery period between 1st May and 5th May.

Spot Silver – Current Market Price $74.70

• 100 day simple MA: $81.78
• 50 day simple MA: $78.44
• VIEW SHORT TERM: Spot silver has to trade over last week's lowest price of around $72.60 to be in a short-term bullish zone (for the next two weeks) and rise to $78.44, $81.78 and more. A daily close below over $72.60 for seven consecutive trading days is needed for a confirmed short-term bearish trend. If not then there will be buyers on crash.
• TODAY: Intraday traders remain on the sidelines at the current price. Spot silver needs to trade over the $75.20-$75.30 zone after the London open and till days close for a confirmed intraday bullish trend.
• A mild sell-off will be there if spot silver trades below $74.10 after the London open and till days close.
• There will be very sharp two-way prices. Intraday traders need to use strict higher trailing stop loss.
• Views are intraday unless otherwise specified.
• Low risk traders and low risk takers trading in silver (spot, futures, and ETFs) should preferably be intraday traders till the end of June. I expect a big gap open in Asia (Singapore open) every day till end June in spot silver.
• A systematic investment plan (SIP) or a monthly SIP (physical or ETF, your choice) is the best way to invest in silver for the low-risk takers.
• Derivative trading in silver is not for the low-risk takers.
• Please assess your own risk profile if you intend to do a derivative trade in silver or trade in silver futures in any commodity exchange in the world.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow us on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
7. ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
8. TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE