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Asian Metals Market Update: Jan-30, 2014



By: Manan Somani, Insignia Consultants

 -- Published: Thursday, 30 January 2014 | Print  | Disqus 

ASIAN METALS MARKET UPDATE

The Federal reserve meeting is over. Taper is done. Gold is steady on expectations that Chinese demand for gold will be huge. Silver and base metals have fallen on fall on Chinese manufacturing activity. Despite the taper the US dollar has not gained against the major currencies. Energies remain firm on continued spell on cold weather in USA.

The focus shifts to US GDP growth and next weeks US January nonfarm payrolls. In the next two weeks gold needs to break $1283 else the chances of a fall back to $1230 and below will be very high. Silver needs to trade overt $1910 in the next two weeks avert a bear crisis. By the middle of February Chinese demand for gold will be over and also Federal reserve will have a new chairman. Traders and investors will be comparing gold, developed market stocks and bonds and emerging market stocks before making an investment decision. A clear picture will emerge after middle of February. Gold and emerging market currencies will gain if and only if developed nations growth show signs of stabilisation.

Better to remain on the sidelines.

TECHNICAL VIEW

COMEX GOLD FEBRUARY 2014 – current price $1262.10

Bullish over $1250.00 with $1273.10 and $1284.00 price target

Bearish below $1242.00 with $1229.90 and $1216.30 as price target

Neutral Zone between $1242.00-$1250

Break point: $1263.00

  • Gold needs to trade over $1263 to target $1282+
  • There will be sellers only below $1257 today

MCX SILVER MARCH 2014 – prices in Indian rupees below

View till end February: Silver can rise to 46418 and 48691 as long as it trades over 42240. There will be a long term technical break down only if silver falls below 42240 or silver does not break 46418.

Intraday view: There is a technical congestion between 43641 and 43948 and silver needs to trade over this zone to target 45475-45781. Initial support is at 44139 and there will be sellers only below 44139.

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

UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 7pm pm Indian Standard Time (+5:30 GMT)

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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