-- Published: Friday, 25 April 2014 | Print | Disqus
There is lot of speculation that global big banks are exiting their precious metals trading business and that prices will be nearer to fundamentals. I do not believe it. There is hope that excess money created by key central banks of the world will reduce and that higher economic growth in these nations will reduce demand for safe havens. This is the key reason for gold and silver price fall. This year we have seen h natural gas futures had risen sharply and fallen in a period of three months. More and more commodities will follow natural gas. There will be phases of sharp one way moves. Gold has to fall below $1230 or break $1430 anytime for the rest of the year for another set of moves. Silver needs to fall below $1760 or break $2460 for the rest of the year for another big set of one way rise. Geopolitical risk and economic progress of the US and the Eurozone will be the key.
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Indians missed a buying opportunity in gold and silver yesterday due to close of commodity futures market. Escalating tensions between US and Russia over Ukraine will increase intraday volatility in bullion. Copper is looking bullish while crude oil is in a neutral zone.
COMEX SILVER MAY 2014 – current price $1967.00
Bullish over $1942.00 with $1991 and $2018 as price target
Bearish below $1920.0 with $1888-$1867 as price target
Neutral Zone between: $1920-$1942
- Silver needs to trade over $1940 today to target $2018-$2066
- There will be a technical break down only below $1940
- As long as copper prices remain firm silver will not fall by much
MCX COPPER APRIL - PRICES IN INDIAN RUPEES BELOW
Resistance is at 415.15 and only a break of 415.15 will result in 422.20. Initial support is at 408 and as long as copper trades over 408 downside risk will be limited.
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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Friday, 25 April 2014 | E-Mail | Print | Source: GoldSeek.com