-- Published: Thursday, 17 April 2014 | Print | Disqus
The weakness in the US dollar could be deliberate using currency depreciation as a means for an export lead recovery. Yellen reminds me of former US treasury secretary Snow whose rhetoric under Greenspan was very famous. Markets have reacted the reverse on their comments. Yellen seems to be taking a cue from Snow. Traders will be looking forward to the meeting between Russia and NATO to diffuse tensions of Ukraine. Gold and silver will see another sell off if there is solid evidence towards a sustained peace in the region and vice-versa.
This is just a consolidation phase for gold and silver which will be broken by next week. If you are caught on the wrong side of market moves, then you are liable to be busted. As long as the US dollar remains on the weaker side, sharp dips (if any) from current prices should be used as an opportunity to go long.
Day traders will need to trade carefully. Trading volumes will fall as the day progresses. There are no big weekend holidays for the next four months. Relax this weekend. Recharge yourself. Spend time with your family. Trading can be done from next week.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $1955.00
Bullish over $1949.00 with $1976 and $2008 as price target
Bearish below $1923.0 with $1910-$1888 as price target
Neutral Zone between: $1923-$1949
- Silver needs to trade over $1940 to prevent another sell off
- Better to remain on the sidelines.
- Buyers will be there only if silver trades over $1960 in UK session and US session
MCX SILVER MAY - prices in Indian rupees.
We prefer a buy on sharp dips strategy as long as silver trades over 40300 till future closes on 30th April. Today silver needs to trade over 42200 to target 42900-43100. There will be sellers only if silver trades below 42200 in the UK session or the US session.
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, 17 April 2014 | E-Mail | Print | Source: GoldSeek.com
