-- Published: Wednesday, 26 March 2014 | Print | Disqus
Gold and silver are in a consolidation phase ahead of the next big move. Gold needs to trade over $1300 to prevent a sell off. In case spot gold trades below $1330 till next week, then more and more short positions will get created and more medium term gold investors will use every rise to exit. Silver desperately needs to trade over $1970 till next week to prevent another sell off. A consolidation phase for the global economy in the next quarter will trigger a collapse to base metals and silver.
The best way to do an intraday trade is to keep on booking small profits. As Ukraine is concerned, the USA and allies are using kinds of tricks to inflict damage to the Russian economy. However these are not new tricks as they have been employed by the USA against Iran, North Korea, and Syria among others. Mr. Putin must have calculated these before annexing Crimea.
COMEX DAILY TECHNICAL ANALYSIS | |
COMMODITY | BREAK POINTS | EXPECTED WIDER TRADING RANGE | TRADING STRATEGY |
METALS |
GOLD -APRIL 14 | 1296.55 | 1318.40 | 1296.55-1326.55 | Watch $1313 and trade accordingly |
SILVER -- MAY 14 | 1956.00 | 2007.80 | 1956-2012-2052 | Sell if and only if silver trades below $1990 in UK session stop loss $1978 -- buying only over $2008 |
COPPER --- MAY 14 | 295.70 | 302.90 | 290.80-310.70 | Buy on dips with a stop loss below $294 |
ENERGIES |
CRUDE OIL | 97.60 | 99.54 | 97.70-100.68-102.20 | Watch $99.60 and trade accordingly |
All prices are In US dollars |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2014 – current price $1315.40
Bullish over $1311.00 with $1326 and $1342.00 price target
Bearish below $1303.00 with $1296 and $1287.00 as price target
Neutral Zone between $1303-$1311
- Key support is at $1311 and gold needs to trade over $1311 this week to be in a short term bullish zone.
MCX COPPER APRIL - prices in Indian rupees below
Copper can rise to 408.25 and 412 as long as it trades over 398. There will be sellers only below 398 or in case copper does not break 408.25 by tomorrow.
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: Wednesday, 26 March 2014 | E-Mail | Print | Source: GoldSeek.com
