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Asian Metals Market Update

By: Chintan Karnani, Insignia Consultants

-- Posted Wednesday, 26 May 2010 | Digg This ArticleDigg It! | | Source:

Technically gold now is set to break $1252 and near $1300. Option expiry is over and sellers of put options have more or less hedged their positions. Silver has underperformed gold and can rise anytime to $1940 and $2100 as long as it trades over $1711. This is just a technical picture that is being formed. The Korean peninsula tensions will result in continued investment demand in gold at lower prices from Asia. Physical gold jewelry demand in India is more or less zero and jewelers are sitting idle in spite of the marriage season which is there. Diamond jewelry is being sold more than gold. Further silver jewelry with gold plating is also seeing increased sales in India. I have seen certain silver jewelry in Jaipur which looks like a platinum by looks but only when you touch it that one knows that’s its silver. If silver’s use in jewelry increases in India then it’s another reason to be very bullish. Silver in India is mostly used in gift items and payals and anklets.


For the day once again global stock markets will be the key and as long as they rise all the commodities will rise. However weakness in the Korean Won, Indian Rupee and other Asian currencies against the US dollar has increased the prices of gold and silver in their respective countries and has acted as another breaker to demand.


Base metals and energies are fundamentally bullish but concern over the slowdown in China and other nations is keeping investors on edge.




Bullish over $1186 with $1207 and $1222 as price target

Bearish below $1178 with $1169 and $1147 as price target

Neutral Zone between $1167-$1178

Gold now targets $1207 and $1222 as long as it trades over $1193. Fresh wave of selling will be there only if gold remains below $1193 for four hours.


Bullish over $69.50 with $75.50 and $77.10 as price target

Bullish over $67.50 with $65.50 and $63 as price target.

Crude will find sellers only on a consolidated fall below $67 and a close over $70 today can result in $74-$76 either this week or next week.


Intra day copper needs to trade over Rs.319 to target Rs.325-Rs.333. As long as copper trades below Rs.319 it will fall to Rs.313 and Rs.308. Investors buy August futures on every five percent dip with a stop loss below Rs.260 and price target of Rs.355 and Rs.380. The only risk to medium term bullish view on copper is a big crash in global stock markets.

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. Prepared By Chintan Karnani. Website



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-- Posted Wednesday, 26 May 2010 | Digg This Article | Source:

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