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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Thursday, 16 January 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

Gold and silver will break free from the recent consolidation phase of $1220/$1260 and $1950/$2080 range and form a new range. Higher crude oil prices should prevent big crashes in gold and silver prices for now. Economic data releases from across the globe has not had a big impact on gold and silver. The world knows that Chinese are buyers in gold at lower prices before their New Year. I personally do not think that traders will allow Chinese to buy gold at lower prices. Strong Chinese gold demand is a must for any big ticket rise in gold prices.

Base metals should firm as better global economic prospects and Indonesia banning Nickel exports last week.

TODAY

COMEX GOLD: Sell around $1254 stop loss $1272 for $1224-$1206 – if the stop loss $1272 is hit then buy for $1292-$1326 – jobbers watch $1254

COMEX SILVER: Watch $2008 -- Buy if and only if silver trades over $2022 stop loss $2045 for $2054-$2086

COMEX COPPER: Buy around $332 stop loss $326 for $343-$348

NYMEX CRUDE OIL: Buy at $93.20 stop loss $92.60 for 95.20-$95.20 or buy over $94.70 stop loss $94.10 for $95.80-$97.20 -- whichever comes first.

GOLD FEBRUARY 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,221.90

$1,230.55

$1,324.60

$1,239.60

$1,242.90

$1,247.20

$1,254.30

$1,260.60

SILVER MARCH 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,934.30

$1,969.00

$1,983.00

$2,008.00

$2,039.50

$2,062.20

$2,074.50

$2,110.00

COPPER MARCH 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$329.60

$331.10

$331.90

$334.10

$336.60

$338.10

$339.80

$343.00

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$92.11

$92.76

$93.30

$93.71

$94.33

$94.72

$95.30

$97.00

 

COMEX TECHNICAL VIEW

COMEX GOLD FEBRUARY 2014 – current price $1239.80

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 $2016.00

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 $336.05

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

  • This the best chance for copper to break past $343 for $348-$354
  • Today copper needs to trade over $336 to prevent a sell off.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $94.18

Bullish over $93.70 with $95.20 and $97.70 as price target

Bearish below $92.50 with $91.70 and $90.80 as price target

Break point: $92.50 and $93.70

  • A break of $94.70 will trigger another wave of rise to $96.00-$97.00
  • A daily close over $94.70 today and tomorrow will be bullish for next week.

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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 -- Published: Thursday, 16 January 2014 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
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