Asian Metals Market Update for July 27, 2026
Key Takeaways
- •The author says gold, silver and copper remain in a bullish trend despite recent bullion weakness.
- •CME Group has started offering its 1-ounce gold futures contract around the clock, seven days a week.
- •Kalshi has filed with the CFTC to launch perpetual gold futures with no expiration date.
- •Spot silver was quoted at $59.41, with immediate resistance at $60.13 and $63.21 and support at $57.67 and $58.46.
- •The report says a daily close below $57.04 for four straight sessions would confirm a new wave of selling in silver.
Asian Metals Market Update for July 27, 2026
Chintan Karnani
The trend remains bullish for gold, silver, and copper. During the June and July period, bullion prices have sold off whenever (i) a new artificial intelligence IPO or futuristic technology company IPO has appeared, or (ii) U.S. stock markets have seen a sharp decline, aside from technical factors.
The next six weeks fall in the summer months in the United States, the United Kingdom, and Europe. Trading volumes in bullion are traditionally thin during this period, which can amplify short-term moves when liquidity is light. However, after a bearish trend in bullion over the past three months, the market is looking for signs that a bullish trend is resuming and for evidence of a potential bottom. If a medium-term bottom is confirmed, short-term hot money or a December-January 2026-style one-way price move could follow.
CME Group has begun offering its 1-ounce gold futures contract around the clock, seven days a week. Last week, Kalshi filed with the CFTC to launch perpetual gold futures, or contracts with no expiration date. In my experience, new product offerings in any asset class are typically launched when that asset class has been in a bullish trend for several years. These two developments reinforce a long-term bullish trend and a higher long-term target.
Investors should focus on the 200-week simple moving average. The ability or inability to trade above the two-week simple moving average will determine the long-term trend.
The Federal Reserve meeting will matter for precious metals traders only if the Federal Reserve chief makes new comments on interest rates and inflation.
Intraday traders should proceed carefully and use strict trailing stop losses. Unexpected price moves may occur depending on news flow related to the Iran war and the trend in crude oil prices.
Spot Silver — Current Market Price: $59.41
50-day simple moving average: $63.21
Key intraday resistance: $60.13 and $63.21
Key intraday support: $57.67 and $58.46
Intraday view: Spot silver can rise to $60.24 and $62.17 as long as it trades above $58.46.
A crash or sell-off would occur only if spot silver trades below $58.46 in both London and New York.
A daily close below $57.04 for four consecutive trading sessions is needed to confirm a new wave of selling.
These views are intraday unless otherwise specified. Low-risk traders and low-risk investors trading silver — including spot, futures, and ETFs — should preferably remain intraday traders until the end of August, when seasonal liquidity typically improves. I expect a large gap to open in Asia at the Singapore open each day until the end of August in spot silver.
For low-risk investors, a systematic investment plan, or monthly SIP, in physical silver or a silver ETF is the best way to invest in silver.
Derivative trading in silver is not suitable for low-risk traders.
Please assess your own risk profile if you intend to trade silver derivatives or silver futures on any commodity exchange in the world.
Disclaimer: The investment ideas provided are purely independent viewpoints and are intended only for collective learning and academic interests. There is no commercial benefit accruing, or deemed to accrue, to me from providing such ideas.
The ideas shared here cannot be construed as investment advice. Any reader acting on these views is requested to exercise prudence and consult a financial advisor before acting on any of the recommendations made here. I am not responsible for any profits or losses, if any, arising from acting on such advice.
I hope readers are aware of the risks involved in commodity derivative trading.
Disclosure: I trade on India's MCX commodity exchange. I have open positions in MCX commodity futures in India. I do not trade CME futures or OTC spot gold and spot silver.
Notes to the above report
- All views are intraday unless otherwise specified.
- Follow us on Twitter @chintankarnani.
- Holds means holds on a daily closing basis.
- Please use appropriate stop losses on intraday trades to limit losses.
- The time given in the report is the time of completion of the report.
- All prices and quotes in this report are in U.S. dollars unless otherwise specified.
- All news is taken from Reuters Newswires.
- Technical analysis is done using TradingView software.