-- Published: Tuesday, 25 March 2014 | Print | Disqus
- Gold and silver are technically bearish.
Apart from Ukraine and speculation of Chinese economic stimulus there is not much news at the moment. The selloff in gold and silver is a bearish formation which if it continues today will result in gold falling to $1268 and silver falling to $1890. In case gold does is not able to break March of $1392 in April then a fall to $1180 and $1135 looks inevitable. Gold is at a very critical juncture and desperately needs to trade over $1300 to prevent another sell off. Silver is falling on the Chinese slowdown.
The first three weeks of April will be very crucial for gold and silver from a long term perspective as well as Ukraine and Russia as economic effects of sanctions will be felt by then.
COMEX TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $1997.00
Bullish over $2020.00 with $2058 and $2096 as price target
Bearish below $1990 with $1964-$1948 as price target
Neutral Zone between: $1990-$2020
Break point: $1990
- Silver needs to trade over $1984 to target $2008-$2032
- Better to remain on the sidelines.
- There will be sellers if silver trades below $1984 either in UK session or US session
MCX SILVER MAY - prices in Indian rupees below
Key medium term support is at 43416 and silver needs to trade over 43413 to target 45887. Initial support is at 43707. Silver needs to trade over 43707 today to prevent a sell off.
Silver view for the month of April: Failure to break 48650 will result in a fall to 40719 and 38510.
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, 25 March 2014 | E-Mail | Print | Source: GoldSeek.com