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Asian Metals Market Update: May-22, 2014



By: Manan Somani, Insignia Consultants

 -- Published: Thursday, 22 May 2014 | Print  | Disqus 

On expected lines, India indirectly opening up gold imports resulted in gold premiums falling sharply yesterday. This trend will continue for the rest of the day. Physical demand for gold will rise for now. In case global gold prices start to rise, then India's gold demand will zoom. Opening up gold imports is like a drought land getting rains. There are huge short positions in gold and higher Indian demand is the best case for gold to rise to $1400 and over. Margin reduction by CME of gold and silver should be bullish them.

There were no surprises in the FOMC minutes. In my view US May nonfarm payrolls will be the key and will determine the Federal Reserve June meetings outlook on interest rate and monetary policy.

The rise in Chinese manufacturing should prevent copper and other base metals from further large selling.

TECHNICAL VIEW

COMEX GOLD JUNE 2014 – current price $1292.70

Bullish over $1289.00 with $1309.00 and $1326.00 price target

Bearish below $1279.00 with $1271.00 and $1264.00 as price target

Neutral Zone between $1279-$1289

  • Gold needs to trade over $1282 to target $1303-$1311.
  • The recent consolidation phase of $1270-$1335 range will be broken in the next two weeks and a new range will be formed.

MCX GOLD JUNE - prices in Indian rupees below

Key support is at 27200 and gold needs to  trade over 27200 to target 27678-28090. There will be sellers only below 27200 to 27064 and 26718.

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: Thursday, 22 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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