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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Wednesday, 15 January 2014 | Print  | Disqus 

A mini double top has been formed around $1255 which suggests that gold can fall back to $1216 and below if it does not break $1255 by tomorrow. It is too early to give a firm view. But once again extra caution should be used in all intraday positions. Copper is looking bearish as an uptick in the US economy has failed to attract investor interest.

US producer price index may not have any big impact on gold and silver prices. Crude oil needs to trade over $90.70 till Friday to be in a bullish zone. Silver traders please trade carefully.

COMEX TECHNICAL VIEW

COMEX GOLD FEBRUARY 2014 – current price $1241.50

Bullish over $1247.00 with $1260.10 and $1283.30 price target

Bearish below $1239.00 with $1228.60 and $1216.00 as price target

Neutral Zone between $1239.00-$1247

Break point: $1239.00-$1247.00

  • Gold needs to break $1256 today, else it will fall back to $1222 and $1206
  • There will be sellers only if gold trades below $1239 in UK session after 2:30 pm Indian time (+5:30 GMT)

COMEX SILVER MARCH 2014 – current price $2016.50

Bullish over $2032.00 with $2059.00-$2126 as price target

Bearish below $2008 with $1989.00-$1956.0 as price target

Neutral Zone between: $2008-$2032.00

Break point: $2008.00

  • Silver needs to trade over $2008 to target $2035-$2056
  • Silver will crash if and only if copper and gold both fall.
  • There will be sellers if silver trades below $2008 in UK session after 2:30 pm Indian time (+5:30 GMT)

COMEX COPPER MARCH 2014 – current price $331.55

Bullish over $333.10 with $339.00 -$343.00 as price target

Bearish below $330.50 with $327.00-$325.00 as price target

Neutral Zone between: $330.50-$333.10

Break point: $336.10

  • Failure to break $343 in the next two weeks will result in a fall to $319 first.
  • Today copper needs to trade over $331 to prevent a sell off.

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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