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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Friday, 21 February 2014 | Print  | Disqus 

  • Silver: A daily close over $2125 today will be bullish for silver for next week with possibilities of $2309 and $2452 as targets
  • Technically gold and silver are in a neutral zone to bullish zone

The biggest challenge for my nation India this year is stabilization in food prices. In 2013, the pace of rise of vegetable prices and fruit prices (I am a vegetarian) in India just ripped the budgets of one and all. Salary increases of workers and profit increases of small and medium scale business in India were behind the fruits and vegetable price increase. The end result was reduced consumption on "non surviving essentials". If we once again see an average onion price of Rs.60-Rs.80 per kilogram this summer and the cheapest uneatable vegetable at Rs.40 per kilogram this summer (Like 2013) then I am more than confident that India's growth will be only on paper with another income divide between rich and poor. This sounds like I am a communist. No, I am nationalist person and a very proud Indian. (Higher expenditure on living essentials will not deter Indian from buying gold).

The calculations of global economic growth have gone haywire due to weather changes and its subsequent economic impact by way of more expenditure on energy. I am more than confident that if Nymex crude oil prices are able to trade over $100 till the end of March, then the USA and Europe will not raise interest rates while developing nations like India will be forced to raise interest rates and/or take unconventional measures to curb energy related inflation. These are all bullish factors for gold in the short term.

Gold needs to trade over $1314 and there will be buyers on dips as long as gold trades over $1300. Silver can rise to $2225 and $2309 as long as it trades over $2125. Developments in Ukraine will be closely watched.

COMEX TECHNICAL VIEW

COMEX SILVER MARCH 2014 – current price $2172.00

Bullish over $2164 with $2205 and $2263 as price target

Bearish below $2125 with $2084-$2038 as price target

Neutral Zone between: $2125-$2164

Break point: $2125-$2164-$2205

  • Silver needs to break and trade over $2196 for $2225-$2309
  • Silver will crash if and only if copper and gold both fall.
  • There will be sellers if and only if silver trades below $2148 either in US session or UK session

MCX SILVER MARCH - prices in Indian rupees below

There is a mini double top at 48100 and silver needs to break and trade over 48100 for another set of rise to 49000-50234. On the lower side there is a technical congestion between 46800 and 47211 and silver needs to trade over this zone to prevent a sell off. The 46800-48100 consolidation phase will be broken by Monday and silver will form a new range.

MCX NATURAL GAS MARCH - prices Indian rupee below

Intraday View: Support is at 301.10 and gas can rise to 315.60-338 as long as it trades below 301.10. There will be sellers if and only if gas trades below 301.10 to 294.60-285.40.

Short term view: Failure to break and trade over 343 by the middle of March will result in a fall to 272 and 252. We are against going short at current prices and will prefer to wait and watch the developments on the weather front before taking a short term sell call. Those who are short should use a stop loss over 338.

 

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: Friday, 21 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
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