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Asian Metals Market Update



By: Manan Somani, Insignia Consultants

 -- Published: Monday, 5 May 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

  • Gold: Two successive weeks of close over $1300 is a very positive sign
  • Silver: Triple bottom around $1866
  • Crude oil: Triple bottom around $98.30

Got foxed by the gold's rise after the release of US April nonfarm on April. Our trailing stop losses were triggered at $1287 and thereafter clients were advised to go long in gold on a break $1292. Our clients made for the intraday losses nonetheless it was a bad judgment. Silver trader made profit as they were advised to go long on a break $1920. (No short call was given in silver after the release of NFP on April).

Ukraine tensions have escalated in a big way over the weekend. No one knows the ground reality in Ukraine (just like Iraq, Egypt, Afghanistan, Libya, Syria among other nations where USA has created war). It seems there has been a huge under reporting of the number of civilian deaths in Ukraine. US president is a puppet which knows just one word sanctions and keeps on repeating to anyone who tickles him. US president is a joke to global peace (punn intended).

Ukraine in the long term will change global political equations where trade sanctions will no longer be a dreaded word. Gold will rise as a result of Ukraine. This is the best chance for gold to rise to $1430. In case gold does not rise to at least $1430 (in the next sixty days), then it will forced to write its obituary. 

Gold will fall if and only if Ukraine moves to the backside and US economic data releases dictate markets.

COMEX  DAILY TECHNICAL ANALYSIS

COMMODITY

BREAK POINTS

weekly support

weekly resistance

TRADING STRATEGY

  METALS

GOLD -JUNE  14

1296.00

1377.00

1286.00

1326.00

Buy over $1311 stop loss $1307 for $1319-$1326-$1335

SILVER -- JULY 14

1922.00

1986.00

1901.00

2042.00

Buy over $1960 stop loss $1948 for $1976-$1996-$2018

COPPER --- JULY 14

303.00

310.45

303.00

313.40

Buy on any $5-$7 dip with a stop loss below $299

ENERGIES

CRUDE OIL

99.20

101.90

98.80

102.74

Buy over $100.10 stop loss $99.60 for $100.90-$101.47

All prices above are In US dollars

 

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2014 – current price $1307.90                                                                                           

Bullish over $1296.00 with $1320.20 and $1336.00 price target

Bearish below $1287.00 with $1277.00 and $1267.00 as price target

Neutral Zone between $1287-$1296

  • Gold can rise to $1311.70 and $1326 as long as it trade over $1296
  • There will be sellers only if gold trades below $1299 either in UK session or US session
  • Remain on the sidelines

GOLD JUNE 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,277.00

$1,287.00

$1,294.00

$1,302.00

$1,311.00

$1,316.00

$1,320.20

$1,336.55

SILVER JULY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,901.00

$1,922.00

$1,934.00

$1,947.00

$1,979.00

$1,995.00

$2,015.00

$2,061.00

COPPER JULY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$300.80

$303.00

$305.50

$307.00

$308.70

$310.20

$313.80

$317.90

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$98.01

$98.63

$99.10

$99.53

$100.45

$101.50

$101.90

$102.90

All prices are in US dollar ($) above

 

COMEX SILVER JULY 2014 – current price $1958.00

Bullish over $1922 with $1987 and $2040 as price target

Bearish below $1901.0 with $1878-$1849 as price target

Neutral Zone between: $1901-$1922

  • Silver can rise to $1980 and $2040 as long as it trades over $1922
  • Silver will crash only if gold and copper both fall.
  • Today there will be sellers only if silver trades below $1922 either in UK session or US session

COMEX COPPER JULY 2014 – current price $307.45

Bullish over $306.00 with $313.60 -$319.0 as price target

Bearish below $303.00 with $299.90 and $296.00 as price target

Neutral Zone between: $303-$306.00

  • Copper needs to trade over $303 to target $313-$319
  • There will be sellers only below $303

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $99.90

Bullish over $99.30 with $101.70 and $103.10 as price target

Bearish below $98.60 with $97.60 and $96.10 as price target

  • There is a technical congestion between $98.30 and $99.10 and crude oil needs to trade over this zone to target $102.00-$103.20
  • There will be a technical break down below $98.30 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.

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: Monday, 5 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
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