-- Published: Tuesday, 18 March 2014 | Print | Disqus
The fall in gold and silver is just profit taking before the Federal reserve meeting, which if it continues till Friday will mark the beginning of another bear phase. The calm in Ukraine is just the calm before the next hurricane. The USA and its allies have started imposing sanctions against Russia. It remains to be seen how effective they are. A big fall in global crude oil prices in the coming days and weeks could be another way of pressurizing Russia as it is an energy export dependent economy. I believe that a big crash in global crude oil prices in the coming weeks will be bullish for the global economy and could also make Russia bent a little to the whims and fancies of the USA.
We are against fresh buying of gold unless it breaks $1403. Silver will rise if and only if copper becomes bullish. The future outlook by the Federal reserve on interest rates will be the key. We expect tapering by the Federal reserve to stop after June.
Intraday volatility will rise. Trade very carefully till Friday.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $2101.00
Bullish over $2104.70 with $2164 and $2219 as price target
Bearish below $2080 with $2064-$2036 as price target
Neutral Zone between: $2080-$2104
Break point: $2104
- Silver need to trade over $2104 today to target $2139-$2176
- Better to remain on the sidelines.
- There will be sellers if silver trades below $2104 at any time during the day
MCX SILVER MAY 2014 - prices in Indian rupees below
Silver needs to trade over 46700 to be in bullish zone. There will be sellers as long as silver trades below 46700 to 46184-45907 and 45674. Only a consolidated break of 46977 will resume the intraday bullish direction.
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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Tuesday, 18 March 2014 | E-Mail | Print | Source: GoldSeek.com
