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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Wednesday, 19 March 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

  • Gold key price watch is at $1358.00
  • Silver support is at $2080

Traders are waiting for fresh sanctions against Russia and the outcome of the Federal reserve meeting tonight. Russian President Vladimir Putin yesterday signed a treaty making Crimea part of Russia but said he did not plan to seize any other regions of Ukraine. It is a question of who budges first in the near term.

Short term bearish trend will be there if gold trades below $1348 tomorrow.

Intraday volatility will rise. Trade very carefully till Friday.

TODAY

COMEX GOLD: watch $1358 and trade accordingly

COMEX SILVER: Sell if and only if silver trades below $2080

COMEX COPPER: Buy on dips with a stop loss below $385

NYMEX CRUDE OIL: Buy around $97.90 stop loss $97.10 for $99.90-$101.20

GOLD APRIL 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,326.00

$1,348.00

$1,353.00

$1,358.00

$1,364.60

$1,374.00

$1,386.10

$1,393.30

SILVER MAY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,999.00

$2,048.00

$2,062.00

$2,078.00

$2,096.00

$2,120.00

$2,139.50

$2,158.00

COPPER MAY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$286.50

$290.60

$292.10

$294.80

$297.30

$299.30

$301.50

$307.00

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$96.60

$97.10

$97.60

$98.70

$99.56

$100.20

$100.90

$102.30

 

COMEX TECHNICAL VIEW

COMEX GOLD APRIL 2014 – current price $1359.20

Bullish over $1371.10 with $1393 and $1411.00 price target

Bearish below $1358.00 with $1349 and $1331.00 as price target

Neutral Zone between $1358.00-$1371

Break point: $1358.00

  • Gold needs to trade over $1352 till tomorrow to target $1382-$1403
  • Initial support is at $1358 and gold needs to trade over $1358 till tomorrow to prevent a sell off.
  • There will be sellers only if gold trades below $1358 either in UK session or US session

COMEX SILVER MAY 2014 – current price $2091.50

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 $2080 today to  target $2139-$2176
  • Better to remain on the sidelines.
  • There will be sellers if silver trades below $2080 at any time during the day

COMEX COPPER MAY 2014 – current price $295.00

Bullish over $292.50 with $299.10 -$305.60 as price target

Bearish below $288.30 with $285.40 and $279.30 as price target

Neutral Zone between: $288.30-$292.50

Break point: $292.50 and $298.10

  • Copper needs to trade over $289 on daily closing basis to prevent a long term technical break down
  • There will be sellers if and only if copper trades below $289 either in the UK session or the US session

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $99.43

Bullish over $98.60 with $100.80 and $102.20 as price target

Bearish below $97.90 with $97.40 and $96.90 as price target

Break point: $98.30

  • Crude oil can rise to $100.80 and $102.20 as long as it trades over $97.30
  • There will be buyers on dips as long as crude oil trades over $97.20

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 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

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: Wednesday, 19 March 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
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