The biggest news for commodity markets is that US CFTC (Commodity Futures Trading Commission) chief has resigned. There will be some changes by the new CFTC chief. The new changes (if any) will be felt in metals trade and energies trade in the short term to medium term, depending on the new proposal and regulation. This uncertainty can result in traders reducing their open position in metals (not energies).
Since additional stimulus has not been announced, traders will shift focus to FOMC meet next week. There will be surprises in the FOMC meet if additional stimulus measures are not announced by the Biden administration by Monday.
A sustained crash in crypto currencies will result in short term traders switching to gold and precious metals. Trend of bitcoin and other crypto currencies till Tuesday is the key. Btc and other cryptos, in my experience, have generally pared weekly losses on Saturdays and Sundays.
Copper traders and copper investors are getting a bit restless/jittery at the moment. They have been used to quick price rise in the past three months. They are not able to digest a price consolidation. Copper price will be vulnerable to sharp short term corrections in case it does not break $8250 by next week. Overall trend is very bullish for copper. However I do not rule out a sharp correction.
COMEX SILVER MARCH 2021 – current price $2562.00
- Silver has to trade over $2484 till next week to rise to $2730.
- Silver will crash only if it falls blow $2484.
COPPER MARCH 2021 – current price $361.90
- Copper looks bearish and can fall to $350.50 and $342.20 first as long as it does not break $368-$372 zone
- Copper needs to trade over $372 to rise to $386 and $404.
- Fifty day moving average at $344.90 is the key short term support. Overall trend for copper is bullish as long as copper trades over $344.90.
Insignia Consultants -- Web: www.insigniaconsultants.in
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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in. Prepared by Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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