-- Posted Friday, 25 January 2013 | | Disqus
· Gold and silver are mildly bearish
US flash manufacturing PMI is at a twenty two month high. Chinese manufacturing conditions have shown growth over the previous months. These are signs that manufacturing in these key nations are improving. But there can be cyclical involved in the form of higher Christmas and New year related spending in the USA which could slowdown over the coming months and higher increase in inventories by Chinese factories to meet upcoming Chinese New year demand next month. The economic progress from April in every nation will be crucial. We have an early Easter this year in March so Easter related spending will be in March. The quarter April to June could see a decrease in consumer spending in the USA, China and Europe and could force the central banks to rethink on the proposed quantitative easing exit strategy. Economic will be the key for gold and silver for the first six months. In the second half of every year, we have seen that central bank gold demand generally increases which results in gains for gold and silver.
INSIGNIA CONSULTANTS |
DAILY TECHNICAL ANALYSIS |
25 January 2013 |
| LTP | 12 mth % | PREV. DAY HIGH | PREV. DAY LOW | 52WK HIGH | 52WK LOW | OPEN INT. | 50 DAY MA | 100 DAY MA | 200 DAY MA |
| | | | | | | | | | |
COMEX FUTURES | | | | | | | | | |
GOLD | 1666.6 | 0.66 | 1685.8 | 1664.2 | 1801.5 | 1538.1 | 160918.00 | 1692.50 | 1717.58 | 1664.20 |
SILVER | 3161 | 4.89 | 3224.5 | 3160.5 | 3743 | 2639.5 | 78766.00 | 3198.02 | 3262.84 | 3066.24 |
COPPER | 368.5 | -1.19 | 369.65 | 366.1 | 401.5 | 329 | 103266.00 | 362.03 | 363.72 | 355.66 |
CRUDE OIL | 95.91 | -2.83 | 96.68 | 95.12 | 108.99 | 80.62 | 295685.00 | 90.02 | 90.45 | 91.09 |
NAT GAS | 3.419 | 28.05 | 3.592 | 3.441 | 3.933 | 1.902 | 47921.00 | 3.50 | 3.40 | 3.00 |
PLATINUM | 1680.7 | 13.04 | 1693 | 1676 | 1739 | 1378.5 | 62401.00 | 1605.36 | 1612.54 | 1539.89 |
PALLADIUM | 725.3 | 14.21 | 728.8 | 716.6 | 732.95 | 555.9 | 30654.00 | 688.13 | 663.79 | 637.64 |
Next Friday we have the US January nonfarm payrolls (NFP) which will be once again affect the commodity markets as well as the US dollar. There will be position squaring and rebuilding before the NFP.
COMEX TECHNICAL VIEW
COMEX SILVER MARCH 2013 – current price $3160.00
Bullish over $3155 with $3205-3264 as price target
Bearish below $3105 with $3065-$3010 as price target
Neutral Zone between: $3105-$3155
Break point: $3155.00
- Key long term support is at $3155 and silver needs to trade over $3155 to be in bullish zone. A fall below $3155 will result in $3110 and $3066.
- Only a daily close below $3155.50 will result in a bearish zone
MCX SILVER MARCH – prices in Indian rupee below
Key resistance is at Rs.60232 and failure to break Rs.60232 by next Friday will result in a fall to Rs.57600 and Rs.56500. Intraday silver needs to trade over Rs.58765 to be bullish zone and try and test Rs.60232. There will be sellers only if silver trades below Rs.58765 in US session.
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 Manan Somani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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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.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS 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
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Posted Friday, 25 January 2013 | Digg This Article
| Source: GoldSeek.com
