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Asian Metals Market Update

By: Manan Somani, Insignia Consultants

 -- Published: Tuesday, 22 April 2014 | Print  | Disqus 

  • Gold and silver are in a neutral zone

Trading volumes return to full volume today. One needs to trade very carefully in the next two weeks as Ukraine tensions can move either way, the Federal reserve meeting will be bullish for gold if and only if they say that tapering will not be there after June and April US nonfarm payrolls. Sentiment is bearish for gold and silver. Unless gold does not break $1330 and unless spot silver does not break $20.70, traders will be using every rise to exit their short term investment in bullion. However we believe any five percent and more fall (if any) in gold and silver should be used as an opportunity to invest. Fundamentals are bearish for bullion with reduced demand from key consumers India and China.

Indian jewelers reeling under very high gold premiums are hoping that new government will at least cut import duty on gold. The reserve bank of India could give statements on gold imports after the Federal reserve meet. Tail risk to the Indian economy in the form of a higher retail food price inflation this summer is preventing opening of gold imports in India (apart from taper by Federal reserve and other global factors).

We are giving free one month reports service by email to all Indians to have voted in the general elections. Just mail your email id to or sms/whatsapp 09311139549 (offer is only for Indians only. Our emphasis is to ensure that more and more people vote and nothing else).

There is no key US economic data release today. It will be a technical trade with the US dollar as the key.


COMEX SILVER MAY 2014 – current price $1940.00

Bullish over $1923.00 with $1976 and $2008 as price target

Bearish below $1905.0 with $1888-$1867 as price target

Neutral Zone between: $1905-$1923

  • There is a mini double bottom at $1922 which suggests that silver can rise to $1976 and $2020 as long as it trades over $1922
  • There will be a technical break down only below $1922
  • We prefer a buy on sharp dips strategy as long as silver trades over $1880 till tomorrow. However one needs to trade carefully at the current price of $1940 as a quick $30-$40 one way move can happen anytime.

MCX SILVER MAY - prices in Indian rupees below

Silver needs to trade over 41200-41500 zone till future close on 30th April to target 43056-44300. There will be a technical break down only if silver falls below 41200 any day.

Intraday view: Silver needs to trade over 41800 to target 42600-43200. There will be sellers only if silver trades below 41800 either in UK session or 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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."


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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)




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