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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 12 June 2014 | Print  | Disqus 

The data vacuum gets over today. US may retail sales numbers will be the key. May US retail sale numbers do not have weather or Easter. A good number will result in traders expecting an interest rate hike this year only. A bad number can result in gold prices zooming to $1310 and silver zooming to $2040. That’s all I can comment.

Today’s US retail sale numbers is very crucial for gold and silver in the short term as well as the medium term. Speculation that India could reduce gold import duties has resulted in buyers as well as stockiest staying away from the market.

A bit on India

Yesterday the prime minister said in the parliament that Indian hirers should look at skill set and not at the degree while employing. His speech was more like a corporate board room speech and probably he considered states chief ministers as functional heads. Prime ministers Narendra Modis intention is right and even if he is able to deliver forty percent of what is promised, then India will be shining. Higher economic growth will by itself root out religious fundamentalism in India. After the Narsimha Rao government and Vajpayee government, I feel this government will bring long term changes in Indian governance system. Modi in Gujrat has introduced the concept of “Neo Middle class” model for higher growth. “Neo middle class” are people above poverty but if given a proper job opportunity could rise and shine. Higher jobs creation for this section of society will lead to higher demand for goods and services by them and will result in a huge section of population participating in growth. (Western style of capitalism is for a very small section of population contributing to higher economic growth. This will not be the case with Modi).

TODAY

Gold needs to break and trade over $1267 for further gains. Silver needs to break and trade over $1937 for further gains. The next three trading sessions are very crucial for gold and silver from a technical perspective.

TECHNICAL VIEW

MCX COPPER JUNE – prices in Indian rupees below

Key long term support is at 398.30 and a daily close below 398.30 for four consecutive days will result in further selling to 388 and 378. If you are long for the short term, use a trailing stop loss below 388. Day traders go long if and only if copper trades over 401 with a stop loss of 397 and a price target of 406.40+

COMEX COPPER JULY 2014 – current price $304.25

Bullish over $302.10 with $309.00 -$312.0 as price target

Bearish below $299.30 with $297.10 and $294.10 as price target

Neutral Zone between: $299.10-$302.10

  • Copper needs to trade over $299.10 to target $309-$313
  • There will be another wave of selling if copper trades below $299.10 in the US session.

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

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, 12 June 2014 | E-Mail  | Print  | Source: GoldSeek.com

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