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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Tuesday, 21 January 2014 | Print  | Disqus 

There are no major US economic data releases today or tomorrow. It will be a technical trade with demand from India and China as the key factors. Traders will start to take positions for next week's Federal reserve meeting. Next week’s FOMC meeting is the last meeting for outgoing Federal reserve president Ben Bernanke. Once again the US growth outlook and the US interest rate outlook will be the key.

In case physical gold demand from China falls short of expectation in the next four weeks then gold and silver could see another bear market rally. In the next four weeks key factors which can cause furor in gold and silver markets are (a) FOMC meet (b) Chinese demand in the Chinese New Year of Horse (c) January US nonfarm payrolls. To me January nonfarm payrolls will be the key. A bad number will imply postponing of the tapering into inertia which will be the hyper bullish for bullion.  

COMEX TECHNICAL VIEW

COMEX SILVER MARCH 2014 – current price $2021.50

Bullish over $2028.00 with $2056.00-$2114 as price target

Bearish below $2008 with $1989.00-$1949.0 as price target

Neutral Zone between: $2008-$2028.00

Break point: $2028.75-$2068

  • Silver needs to trade over $2028 to target $2068-$2134
  • Silver will crash if and only if copper and gold both fall.
  • There will be sellers if silver trades below $2028 either in UK session or US session.

MCX GOLD FEBRUARY 2014 -- prices in Indian rupees below

Key resistance is at 29490 and only a break of 29490 will result in further gains to 29630-29940. Overall trend is bullish as long as gold trades over 29190. There will be a technical break down only below 29190 with 28953 as the key short term support.

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: Tuesday, 21 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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