-- Published: Wednesday, 5 March 2014 | Print | Disqus
- Gold key support is at $1326
- Silver key support is at $2090
The US February private ADP number and the Federal reserve’s beige book will be the key today. Gold would have fallen but for the Ukraine. Ukraine now is just a calm before the next whirlpool. Germany has a huge investment interest in Russia (this is as a per a story on www.bloomberg.com). Germans will try their best to prevent a NATO trade sanction on Russia. Germany is a key member of the Eurozone and the NATO alliance.
All the bad news on US employment has been factored in by the markets. The US dollar is also weaker against the euro and cable. As long as the US dollar trades on the weaker side against the euro and cable, gold and silver will find buyers on any big fall. Base metals will track equity markets. Nickel has had a technical break out and needs to trade over current prices for another five percent rise in the short term. Natural gas will be volatile and will track US weather.
Energies fundamentals are still bearish. Energy guzzling Asia and Europe are still not out of the woods yet. Energies will fall five percent in the short term if and when fundamentals take over technical and trader caution.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $2125.00
Bullish over $2126 with $2184 and $2241 as price target
Bearish below $2090 with $2062-$2036 as price target
Neutral Zone between: $2090-$2126
Break point: $2158
- Silver needs to trade over $2080 till next week to prevent a sell off.
- Better to remain on the sidelines.
- There will be sellers if and only if silver trades below $2140 either in the UK session or the US session.
MCX SILVER MAY 2014 - prices in Indian rupees below
Silver needs to trade over 46800 today to target 47700-48300. There will be another wave of selling if and only if silver trades below 46800 in the US session. Initial support is at 47274.
We remain bullish in silver in the long term and will prefer to use any sharp ten percent dip to invest in physical silver for a period of nine months.
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.
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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
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-- Published: Wednesday, 5 March 2014 | E-Mail | Print | Source: GoldSeek.com
