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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Tuesday, 18 February 2014 | Print  | Disqus 

  • Technically gold, silver, copper and crude oil are all bullish.
  • The next three days are very crucial for gold and silver from a technical perspective.

I am getting a call every now and then when to short gold and silver. Some of the investors whom I know and I call them hardcore gold bulls are continuously calling me and asking them when to short gold. This itself is a bullish sign for gold and silver. There are now bullish bets raised in gold and silver than seen in the last six months. The next three days are very crucial and gold and silver need to trade over the current prices to attract more short term hot money into them. I am not looking at economic data from the USA or the Eurozone or the UK unless there are confirmation of interest changes in the far term.

My darling silver, I just hope and continues its bull run. Technically silver can rise to $2476 and $3036 in the next three months if it is able to trade over $1775. Key long term support is at $1775. Key long term resistance is at $2396 and $2721 and silver needs to break these prices for a parabolic rise. If the global economy in totality shows signs of sustained growth then silver will rise more than gold on fundamentals. Energy efficient consumer durables need silver. Once Europe starts to show signs of sustained growth the first thing which the consumer will do is to replace their old and technologically outdated, energy guzzling home equipments and replace them with more energy efficient ones. Energy efficient equipments will have always have a touch of silver in them. Then the Asian solar cells demand will also support silver demand. I personally believe that putting up rooftop solar panels in urban cities is the best way to clean the cities. Silver is the best metal to clean the air of the urban cities like New Delhi where I live.

Physical demand for gold and silver should rise as the week progresses. There will be buyers on dips as long as gold trades over $1290 and silver trades over $2036 in the near term.

COMEX TECHNICAL VIEW

COMEX GOLD MARCH 2014 – current price $1323.60

Bullish over $1311.00 with $1347 and $1363.15 price target

Bearish below $1303.00 with $1296.10 and $1282.00 as price target

Neutral Zone between $1303.00-$1311

Break point: $1331.10

  • Gold needs to break and trade over $1331 for $1347-$1363
  • There will be sellers only if gold trades below $1316 either in UK session or US session.

MCX GOLD APRIL - prices in Indian rupees below

There are still huge short positions which are yet to be closed. Resistance is at 30280 and a break of 30280 will result in 30670-31163. Support is at 30023 and there will be sellers if gold trades below 30023 either in UK session or 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.

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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 -- Published: Tuesday, 18 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
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