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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Monday, 31 March 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

  • Gold moving averages 100 day  - $1275.10, 200day $1298.80
  • Silver 100 day MA $2033.70
  • Silver has a technical congestion between $2049 and $2064 and only a break of this zone will result in further gains.

A quarter is about to begin. US March nonfarm payrolls will be the key apart from central bank meetings of India, the Eurozone and the UK in the next two weeks. Silver will track copper. Technically copper seems to have formed a short term bottom and should rise.

Oversold conditions exist in gold and silver.

COMEX  DAILY TECHNICAL ANALYSIS

COMMODITY

BREAK POINTS

EXPECTED WIDER  TRADING RANGE

TRADING STRATEGY

  METALS

GOLD -APRIL 14

1283.00

1299.00

1278-1299-1319

Buy on any $15-$20 dip with a stop loss below $1276 - jobbers watch $1299

SILVER -- MAY 14

1953.50

2007.00

1940-1990-2030

Buy around $1946 stop loss $1920 for $2008-$2036 -- jobbers watch $1980

COPPER --- MAY 14

296.80

304.95

290.80-310.70

Buy on dips with a stop loss below $299

ENERGIES

CRUDE OIL

100.60

101.96

97.70-100.68-102.20

Watch $101.40 and trade accordingly

All prices above are In US dollars

 

COMEX TECHNICAL VIEW

COMEX GOLD APRIL 2014 – current price $1296.60

Bullish over $1283.00 with $1311 and $1326.00 price target

Bearish below $1272.00 with $1256 and $1242.20 as price target

Neutral Zone between $1272-$1283

  • Gold can rise to $1311 and $1321 as long as it trades over $1288
  • Overall the trend is still bearish and but another wave of selling will be there only below $1288

GOLD APRIL 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,277.00

$1,283.80

$1,287.60

$1,293.60

$1,299.00

$1,306.30

$1,311.00

$1,319.00

SILVER MAY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,919.00

$1,946.00

$1,953.00

$1,969.00

$1,990.00

$2,008.00

$2,022.00

$2,049.00

COPPER MAY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$297.30

$299.30

$300.90

$302.80

$304.90

$307.00

$309.90

$316.00

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$98.60

$99.10

$99.56

$100.80

$101.96

$102.40

$102.80

$104.30

All prices are in US dollar ($) above

 

COMEX SILVER MAY 2014 – current price $1979.00

Bullish over $1955.00 with $2021 and $2052 as price target

Bearish below $1939.0 with $1915-$1895 as price target

Neutral Zone between: $1939-$1955

  • Silver needs to trade over $1946 this week to target $2045-$2100
  • Better to remain on the sidelines.
  • We prefer a buy on dips strategy as long as silver trades over $1880.

COMEX COPPER MAY 2014 – current price $303.35

Bullish over $297.00 with $307.10 -$312.10 as price target

Bearish below $294.00 with $291.00 and $288.00 as price target

Neutral Zone between: $294.00-$297.00

  • Copper can rise to 309-316 as long as it trades over 299
  • There will be buyers on dips as long as copper trades over 295

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $101.45

Bullish over $100.20 with $102.20 and $104.80 as price target

Bearish below $99.4 with $98.40 and $97.10 as price target

  • Crude oil needs to break $106.00 in the next two weeks. In case crude oil does not break $106.00 in the next two weeks, then it will fall to $97.60 and $92.20

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: Monday, 31 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
Website: www.insigniaindia.com
Email:





 



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