LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Precious Metals Update Video: Gold is a frustrating market to trade
By: Ira Epstein

China’s Nuclear Option to Sell US Treasurys
By: Keith Weiner, Monetary Metals

SWOT Analysis: Gold Bulls Regained the Upper Hand
By: Frank Holmes, US Funds

Put A Fork In Tesla - It's Done
By: Dave Kranzler

Signs of a Bottom in Bombed-Out TSLA
By: Rick Ackerman, Rick's Picks

Gold Market Update - Precious Metals sector investors feeling despondent
By: Clive Maund

GoldSeek Radio Nugget: Gerald Celente & Louis Navellier
By: Chris Waltzek, GoldSeek Radio

Not Just a Trade War, But a Shooting War With China
By: Doug Casey

Precious Metals Update Video: Gold needs to hold $1,266 area (monthly chart trend)
By: Ira Epstein

Are You Being Tossed Around By The China News?
By: Avi Gilburt

 
Search

GoldSeek Web

 
Asian Metals Market Update: May-30, 2014



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 30 May 2014 | Print  | Disqus 

Month end short covering can result in gains for gold and silver. Oversold conditions exist. Weekend gold demand will be high in India. Traders will be stocking gold and silver today to meet the demand. Today I am a bit positive on gold and silver and hope that they will rise.  There will be another wave of selling only if gold trades below $1248. In case silver is able to trade over $18.60 till 9th June, then the chances of a rise to $20.08 and $20.60 will be very high.

US economic data release include Chicago PMI and revised Michigan consumer sentiment index. Traders will start taking positions for next weeks US May, private ADP numbers. Employment related to Easter will not be there. I expect a mild fall in US employment numbers next week.

Yesterday the fall in US first quarter GDP numbers failed to affect bullion positively. Traders are expecting that US growth will pick up in the April to June quarter. I expect US growth to fall in the third quarter beginning July. Energy prices are still high and could be a huge drag on US economy.

Day Traders need to remain on the sidelines.

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2014 – current price $1257.20

Bullish over $1253.00 with $1265.00 and $1286.00 price target

Bearish below $1248.00 with $1240.00 and $1224.00 as price target

Neutral Zone between $1248 and $1253

  • Key intraday support is at $1248 and there will be another wave of selling only below $1253
  • Key support is at $1240.
  • We prefer to buy only if gold trades over $1258 in UK session or US session

MCX GOLD AUGUST – prices in Indian rupees

There is a technical congestion between 25350 and 25650 and as long as gold trades over 25530-25650 zone, it can rise to 26550 and 27750. There will be a long term technical break down if and only if gold falls below 25350 anytime in the next three months

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 Chintan Karnani

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


| Digg This Article
 -- Published: Friday, 30 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus
1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email:





 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.