Asian Metals Market Update: CPI

Comex Report for 10^th May 2023

• Spot gold needs to trade over $2027 to be in an intraday bullish zone
• Spot silver has to trade over $25.88 to be in an intraday bullish zone.

There should be big one-way price moves either just before CPI or just after CPI in gold, silver, and copper. (a) If spot gold rises today and tomorrow then $2100 will be broken soon. (b) If spot gold falls then $1972 (triple bottom formed in March and April) will be tested. (c) If spot silver rises and trades over $26.00 today and tomorrow then $30.00 will be reached by end of the month. (d) If spot silver falls then it remains to seen if $24.00 holds or not. Either way, fall, sell off (if any) will be short lived. Traders and investors want to accumulate more physical gold and physical silver.

Do not worry of the trend of gold and silver after the CPI numbers. Focus on immediate support and immediate resistances. Take one support or one resistance at a time. Panic or over optimism will not help.

Some reports suggest that most US banks have very high unrealised loans or non-performing loans as we call in India. Credit off take is pathetic in USA. Banka are reluctant to lend. US Small business optimism continues to sink. Biden administration is making every effort to ensure that small business do not exist in USA. Every day new bottlenecks are created for small business in USA. Gold will continue to rise or remain firm unless bank fear ease or interest rate are cut or hurdles are reduced for tiny and business in USA.

Day traders still have to trade very carefully. Sudden and knee jerk price move can be there.

Spot Gold

• Daily support: $1998.30, $2017.30 and $2027.40
• Daily resistance: $2041.90, $2057.20 and $2081.50
• Spot Gold has to trade over $2027.40 today to rise to $2074.30 and $2097.
• Mild sell off will be there if spot gold trades below $2027.40.
• Spot gold will crash below $1990 if and only if $2088.80 is not broken by Friday close.

Spot Silver:

• Daily Support: $25.03 and $25.31
• Daily Resistance: $26.04, $26.44 and $26.95
• Spot silver has to trade over $25.39 to rise to $26.67 and $27.70
• Crash or sell off will be there if spot silver trades below $25.39 today.

COMEX GOLD JUNE 2023

• Key price to watch: $2018.40, $2033.60 and $2057.60
• Gold June has to trade over $2033.60 to be in an intraday bullish zone and rise to $2059.20 and $2077.60 and $2112.
• Mild sell off will be there only if gold June trades below $2033.60.
• Crash point till Friday is at $2008.20.
• Comex gold June will also crash if it does not break $2090 by Monday.15^th May close.

COMEX SILVER JULY 2023

• Key price to watch: $2552 and $2668
• Silver July has to trade over $2552.00 to rise to $2668 and $2807.
• Crash/Sell off will be there if silver trades below $2552.00.

NYMEX CRUDE OIL (June 2023) 

• Crude oil has to trade over $72.70 to rise to $76.80 and $78.80.
• Sellers will be there below $72.70 with $70.29 as the key support till tomorrow.

COMEX COPPER JULY 2023

• Key price to watch: $384.10 and $396.50
• Copper has to trade over $387.10 to rise to $401.50 and more.
• Sellers will be there only if copper trades below $387.20.
• Copper will rise very quickly if it trades over $393.20 after London opens today.

LME COPPER SPOT (Current Market Price: $8600.00)

• Key support: $8524
• Key resistance: $8709 and $8858
• Copper has to trade over $8524 to rise to $8858 and more.
• Sellers will be there only below $8524 today to $8421 and $8318.

Key US economic data releases till 16^th May

• 10^th May: Consumer Price Index (April).
• 11^th May: Producer Price Index (April)
• 16^th May: Retail Sales (April)