-- Posted Wednesday, 28 September 2011 | | Disqus
ASIAN METALS MARKET UPDATE
All I can say is that the second quarter is yet to be over. We still have another three trading sessions left. Intra day volatility will remain high till the US September non farm payrolls on 7th October. Stock markets have been rising on short covering and position squaring and rebuilding for the third quarter. But there is no confirmation of a short term bull trend in commodities and well equity markets. We still need to wait and watch over the developments in Europe. Technically gold, silver, copper and crude oil are bullish but they need to hold to current prices else another round of selling. There is speculation that the European central bank may cut interest rates anytime in October. Brazil is also expected to cut interest rates. Interest rate cuts are always positive for gold and other high risk assets.
Physical demand of gold and silver in India was very high yesterday and unimaginable. In some cities there was shortage of physical silver. This trend will continue for another month as long as Indian silver prices float below Rs.60,000/- per kilogram. Gold demand was very high and remain high as we enter ten day “Navratra, Durgapuja and Dusherra” celebrations from today. Further those people who have their marriage fixed in the November 2011 to March 2012 period are also using the current dip in gold and silver to buy for marriage. Indian gold exchange traded fund redemptions may move into physical gold.
COMEX TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT)
Bearish below $82.50 with $79.80 and $75.70 as price target
Bullish over $83.50 with $87.10 and $90.20 as price target
Break point: $82.50
- Crude oil needs to trade over $82.20 to target $86.50-$89
- There will be sellers only below $82.50
- Trading call: Buy over $83.50 for $85.50-$87 or sell below $82.50 for $81.90-$82.60
MCX NICKEL SEPTEMBER
Bullish over 920 with 970 and 1020 as price target
Bearish below 885 with 832 and 815 as price target
BREAK POINT: 885
- Double bottom around 840 suggest that Nickel can rise to 1100 and 1200 in October as long as it trades over 840
- There will be sellers below 885
- Momentum call: Buy over 922 for 949-990 or sell below 910 for 880-858
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 www.insigniaconsultants.in
Happy profitable Trading
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
MCX NICKEL: RS.7000 PER TRADE
-- Posted Wednesday, 28 September 2011 | Digg This Article | Source: GoldSeek.com