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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Friday, 4 April 2014 | Print  | Disqus 

  • US March nonfarm payrolls will be the key for bullion as well as the US dollar

Gold has been trading in $1280-$1300 range so far this week. This range will be broken by tomorrow and a new range will be formed. Gold bulls just hope that gold is able to trade over $1270 till next week to entice short term buying interest. There will be another wave of selling to $1233 and $1188 on a fall below $1270 if gold does not break $1303 by Monday.  Tomorrow's US march nonfarm payrolls has to come in pathetic for another round of rise. We expect a positive outlook on US hiring ahead of the Easter vacations.

European central bank meet

Do not exclude further monetary policy easing… resolute in determination to maintain high degree of monetary accommodation... Ongoing recovery increasingly supported by further domestic demand ... expect gradual strengthening in demand for euro area exports... Global financial market developments and geopolitical risk may hurt the economy .., The ECB would consider QE to fight an extended period of low inflation as well as deflation.. Our view: The only risk for Eurozone growth is the escalation of Ukraine crisis which can shave of ten percent of the Eurozone’s current GDP growth. The July to September period will be testing time not just for eurozone growth but also for global economic growth. Global weather patterns could have a bigger say also.

TECHNICAL VIEW

COMEX COPPER MAY 2014 – current price $303.80

Bullish over $301.00 with $307.10 -$312.10 as price target

Bearish below $299.00 with $296.00 and $291.00 as price target

Neutral Zone between: $299.00-$301.00

  • Copper needs to trade over $299 today to prevent a sell off.
  • There will be buyers on dips as long as copper trades over 297

MCX NATUARL GAS APRIL -- prices in Indian rupees below

In case natural gas rises today over 281, then I expect a lot of stop losses to be triggered. Price patterns suggest that there are more short positions. Natural gas needs to trade below 266 to be in an intraday bearish zone.  Key short term support is at 252 and gas can still rise to 281-296 as long as it trades over 252. However anything over 290 (if price comes) at the moment is a short term selling opportunity.

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

Follow us on Twitter @insigniaconsul1

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: Friday, 4 April 2014 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
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