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Asian Metals Market Update

By: Manan Somani, Insignia Consultants

 -- Published: Monday, 12 May 2014 | Print  | Disqus 

I said last week that anything which is pro Russia in Ukraine will be rejected by the USA and its NATO allies in Sundays referendum. I am right now. Pro-Russian groups hailed a large majority in favor of secession in a referendum they organized in eastern Ukraine that was dismissed as illegitimate by the government in Kiev and its U.S. and European allies. Tensions between Russia and NATO will continue. Prolonged tensions will benefit bullion in the long term. In the short term gold and silver are in a neutral zone to bearish zone.

Repeated failure of gold to trade over $1300 is a bearish signal. Short term traders and investors will use every rise to exit their gold investments. The chances of a fall below $1260 to $1242 and $1228 will be very high this week. (In case gold trades below $1304). Silver is caught between short term bears and long term bulls. In case silver does not break $1980 this week, then the chances of a fall to $1810 will be very high. This is the technical picture this week. Key US economic data releases include (a) Retail sales on Tuesday (b) Consumer price index on Thursday (c) Housing starts on Friday.

US retail sales numbers will be the key. I expect numbers to beat street expectations on the higher side. Easter spending across the USA and the Eurozone has been very high.


COMEX GOLD JUNE 2014 – current price $1286.50

Bullish over $1296.00 with $1307.00 and $1319.00 price target

Bearish below $1287.00 with $1269.00 and $1259.00 as price target

Neutral Zone between $1287-$1296

  • Gold can fall to $1277 and $1258 as long as it trades below $1303
  • There will be sellers on rise as long as gold does not break $1303 today and tomorrow.

MCX GOLD JUNE - prices in Indian rupees below

Three weeks view: Failure to break 29300 by end of the month will result in a fall to 27800 and 27100

Today's view: Initial support is at 27456 and there will be another wave of selling below 28456 to 28294 and 29094. Overall trend is bearish as long as gold does not break 28819.

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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