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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 9 July 2014 | Print  | Disqus 

The direction of the mini war between Israel and Hamas will be the key. There is already speculation that Israel could be readying for a ground attack on Hamas. These kinds of added geopolitical risks will result in nations in the Middle East region increasing their gold reserves. They may not do it directly. We have seen Turkey selling gold to Iran indirectly. This is just one leaked information. There could be others.

The Indian Railway Budget – signs of Thatcherism

The railway budget has been all about involvement of private players in different zones. The railway minister has also asked the cabinet to allow foreign direct investment in railways. The railway budget if implemented properly will result in better services for the people. It could induce more people to use the railways for travel instead of their using their vehicles for distances around two hundred kilometers. Implementation will be the key.

The railway budget also implies that the main budget will open up more and more sectors to global investors. Increased participation of private players will be seen in all areas of India. This is the key reason by every global major leader why they have sent their representatives to meet the Prime Minister Shri Narenedra Modi. Thatcherism is all about higher private participation.

TODAY

Federal Reserve of minutes today is the key and will set the direction for the rest of the month. Once again there is no major US economic data release today.

There is an increase in safe haven demand for gold and silver. This is one the key reason why gold and silver have remained firm. Gold and silver bears will try their best to ensure that gold falls below $1305 and $1270 respectively. If case bears fail by Friday, then there will be massive short covering.

Gold will break free from the $1310-$1335 range and form a new range. Silver can rise to $21.33-$21.70 as long as it trades over $20.83.

There will be blips of sharp one way moves followed by periods of consolidation.

TECHNICAL VIEW

COMEX COPPER SEPTEMBER 2014 – current price $325.25

Bullish over $323.00 with $331.30 -$337.00 as price target

Bearish below $319 with $316.80 and $312.90 as price target

Neutral Zone between: $319-$323

  • Copper needs to break $331 for further gains
  • As long as copper does not break $331, it will trade in a $319-$323-$331 range

MCX COPPER AUGUST 2014 – prices in Indian Rupees below

Key resistance is at 437 and copper needs to trade over 437 for the whole day to target 441-445. As long as copper does not break 437 it will trade in the 428-432-437-445 range.

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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