US markets are closed today. Electronic trade is open.
Ukrainian elections will not have a big impact on gold and silver prices as the a pro NATO person could be elected. Results of the European parliamentary elections could affect euro. Gold and silver should break free from the recent consolidation phase and form a new range. Gold June futures are expiring this week. Medium term gold and silver traders will now start taking positions for December futures. The sentiment for gold and silver is neutral to negative. Indian demand for gold is below expectations. People are waiting for price fall to buy gold. There is huge speculation that Indian gold price can fall to Rs.24000 per ten grams by October. This is also preventing people from investing in gold.
US data this week include (a) Consumer Confidence on Tuesday (b) Preliminary GDP on Thursday (c) Personal spending on Friday. Traders will also start taking position for next weeks US May nonfarm payrolls.
The next three weeks are very crucial for gold. Gold needs to break $1335 in the next three weeks, else it will fall to $1230 and below. For now gold is in a no mans land.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2014 – current price $1293.50
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 break and trade over $1311 for further gains. As long as gold does not break $1311, it will consolidate in $1283-$1311 wider range.
The recent consolidation phase of $1270-$1335 range will be broken in the next two weeks and a new range will be formed.
COMEX SILVER JULY 2014 – current price $1946.50
Bullish over $1920 with $1980 and $2032 as price target
Bearish below $1914 with $1904-$1880 as price target
Neutral Zone between: $1914-$1934
Trade very carefully between $1900-$1930 zone.
Silver will crash only if gold and copper both fall.
There will be buyers on dips as long as silver trades over $1880
COMEX COPPER JULY 2014 – current price $318.65
Bullish over $313.00 with $323.00 -$328.0 as price target
Bearish below $309.00 with $307.00 and $303.00 as price target
Neutral Zone between: $309.00-$313.00
Copper can rise to $323 and $339 as long as it trades over $312
There will be buyers on dips as long as copper trades over $312
NYMEX CRUDE OIL (1ST CONTRACT)- current price $104.05
Bullish over $102.30 with $104.80 and $107.20 as price target
Bearish below $101.60 with $100.80 and $99.90 as price target
Sell stop losses will be triggered on a break $106.20 (any time either this week or next week)
Crude oil is looking bullish at the moment. We will prefer to wait for some more time before going short.
There will be sellers only below $103.30 today.
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 employeeshave 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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