-- Published: Wednesday, 12 March 2014 | Print | Disqus
The rise in gold prices is an indication of higher short term investment demand along with safe haven demand from Eastern Europe. People all over the world will be looking forward to the Russian reaction as and when economic sanctions and trade sanctions are imposed. This will be the key. There are no major US economic data releases today. It will be a technical trade. Copper is oversold but momentum is still bearish. Value based physical demand can come up anytime and should prevent copper prices from a further crash. Crude oil is looking bearish at the moment.
Unseasonal rains have extensively damaged crops in North India, central India and Maharashtra. This could reduce rural demand for gold and silver in India. The government will announce sops for these farmers which will adversely affect the nation’s balance sheet.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $2110.0
Bullish over $2060 with $2136 and $2176 as price target
Bearish below $2035 with $2012-$1992 as price target
Neutral Zone between: $2035-$2060
Break point: $2119
- Silver need to trade over $2060 till Friday to target $2176-$2305
- Better to remain on the sidelines.
- There will be buyers on dips as long as silver trades over $2050
MCX COPPER APRIL 2014 - prices in Indian rupees below
Key long term support is at 392.30 and as long as copper trades over 392.30 it can still rise to 428-434. Today copper needs to trade over 404 to target 414-421.
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 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm 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, 12 March 2014 | E-Mail | Print | Source: GoldSeek.com
