-- Published: Thursday, 3 April 2014 | Print | Disqus
We have been advising to short euro/usd and we continue with the same strategy. A strong greenback will prevent gold prices from a sudden big zoom unless Ukraine tensions move over the stratosphere any time. The only surprise from today's European central bank meet will be reaffirming a low interest rate policy till the end of next year. Ukraine has to be resolved for eurozone's growth sake as early as possible. There are chances that USA will use some of the eurozone's nations as a dumping ground for its exports.
A daily close over $1290 today, tomorrow and Monday will be bullish for gold for next week. Silver needs to break and trade over $2050 by Monday for further gains. In case silver does not break $2050 by Monday then a fall to $1910 and $1860 will be imminent. However use silver's fall (if any) to invest for the short term. The Chinese announcement of stimulus measures failed to lend support to copper. Buyers are there in Asia in copper. Nickel should remain firm on Indonesia issues. We are against shorting Nickel at current prices.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $1993.50
Bullish over $1984.00 with $2021 and $2052 as price target
Bearish below $1960.0 with $1939-$1915 as price target
Neutral Zone between: $1960-$1984
- Failure to break $2040 by Monday, 7th April 2014 will result in a fall to $1880 and $1780
- Better to remain on the sidelines.
MCX SILVER MAY - prices in Indian rupees below
Silver has managed to trade over 42000 and in case silver is able to trade over 42000 till next week then it will rise to 44200 and 46100. Till next week there will be another big wave of selling only below 42000 and/or in case silver does not break 44200.
Today silver needs to trade over 43300 to target 43700-44200-44900.
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
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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
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-- Published: Thursday, 3 April 2014 | E-Mail | Print | Source: GoldSeek.com
