-- Published: Thursday, 1 May 2014 | Print | Disqus
- FOMC meet has been a huge dud
- Silver needs to trade over $1895 to be in bullish zone. Silver is looking bearish at the moment.
The FOMC said that taper will continue for the time being on the strength of the US economy. Federal reserve officials were fairly optimistic of economic progress. The Fed also kept its forward guidance unchanged, saying that it’s appropriate to keep rates at zero “for a considerable time” after the bond buying program ends. In short the Federal reserve has given us a neutral stance. Commodities and the US dollar are in a neutral zone with incoming economic data releases from the Eurzone the and USA dictating till next FOMC meet around 20th June.
Friday's April nonfarm payrolls will be the key. Yesterdays April private ADP numbers suggest firmer hiring prospects in the coming months. Silver is looking bearish at the moment. As long as the US dollar remains on the weaker side commodities will be dictated by fundamentals and/or the current range bound trading will continue.
COMEX TECHNICAL VIEW
COMEX SILVER JULY 2014 – current price $1914.50
Bullish over $1920.00 with $1947 and $1966 as price target
Bearish below $1895.0 with $1878-$1830 as price target
Neutral Zone between: $1895-$1920
- Silver has a technical congestion between $1875 and $1895 and silver needs to trade over $1895 today to prevent another big sell off.
- There will be a technical break down only below $1895.
- Silver will crash only if gold and copper both fall.
- There will be sellers only if silver trades below $1895 either in the UK session or the US session.
COMEX COPPER JULY 2014 – current price $302.40
Bullish over $304.00 with $307.60 -$311.0 as price target
Bearish below $299.80 with $296.10 and $292.00 as price target
Neutral Zone between: $299.80-$304.00
- Key support is at $299.80 and copper needs to trade over $299.80 to prevent further sell off.
- There will be a technical break down if copper trades below $299 and $294
- There will be sellers only if copper trades below $304 either in the UK session or the US session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $99.72
Bullish over $100.10 with $101.10 and $102.70 as price target
Bearish below $98.10 with $97.60 and $96.10 as price target
- There is a technical congestion between $98.70 and $99.10 and crude oil needs to trade over this zone to target $102.00
- There will be a technical break down below $98.70 to $97.70 and $96.40
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, 1 May 2014 | E-Mail | Print | Source: GoldSeek.com