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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 4 August 2014 | Print  | Disqus 

COMEX FUTURES REPORT

Indian gold and silver demand will be on the higher side this week due to a number of festivals. Any signs of a stabilization in the US hiring market will be bullish for gold and silver. An Israel-Hamas peace deal (if any) will be closely watched, progress of ISIS in Iraq among others will affect bullion. There has to be indications of a sustained peace in the Middle East and the North Africa region to reduce the safe haven part in gold and silver. Libya also is in fire.

Historically the September to November period has been bullish for gold and silver due to higher Asian demand and/or demand by Asians living globally. This trend should be repeated this year also.

I once again repeat what I have been repeating over the past few weeks, US economic data will be bearish for gold and silver if and only if they beat street expectations by a wide margin. People are just looking for interest rate hike prospects for next year in the USA and UK.

A BIT ON MY COUNTRY INDIA – perception of the common man in Delhi after the Modi government

The common man perception as well as perception small and medium sized entrepreneurs, small shops etc in Delhi is that “The slogan of NDA that acche din aane wale hai was just an imaginary creation”. Reason for this is that inability of the government to control prices of fruits and vegetables. Zooming of expenses to survive has resulted in reduced expenses on or before festival days. If there is reduced expenditure then small shopkeepers in locality and other very small entrepreneurs get very meagre sales. This has been the case in Delhi in “Eid” and there is expectation that this will be repeated on “Rakhi day” which is on Friday. Now a days festivals are celebrated with a burden. I believe that the NDA government has the power to bring down prices of fruits and vegetable in whatever short period it has been there. The people are now once again leaning towards the “Aam Aadmi Party”. They should get a very heavy majority if and when there is elections in Delhi. It will be “Bure din for the Bhartiya Janta party” in Delhi state elections.

Gold needs to fall below $1276 or break $1313 for direction. Silver needs to fall below $2010 or break and trade over $2070 for direction. Crude oil needs to trade over $96.00 for the rest of the month to prevent a long term technical breakdown.

GOLD DECEMBER 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,279.30

$1,282.90

$1,288.00

$1,292.00

$1,296.50

$1,302.10

$1,310.30

$1,313.80

SILVER SEPTEMBER 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,980.00

$1,991.00

$2,007.00

$2,022.00

$2,054.00

$2,067.00

$2,082.00

$2,116.00

COPPER SEPTEMBER 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$315.90

$317.30

$318.80

$320.60

$323.90

$325.70

$326.70

$328.00

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$95.90

$96.30

$96.90

$97.30

$98.20

$99.00

$99.60

$100.30

All prices are in US dollar ($) above

 

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 – current price $1293.60

Bullish over $1285 with $1303.00 and $1317.00 price target

Bearish below $1276.00 with $1266.00 and $1249.90 as price target

Neutral Zone between $1276 and $1285

  • Gold needs to trade over $1285 to rise to $1304 and $1319
  • Jobbers watch $1295 all the time
  • There will be buyers on dips as long as gold trades over $1276 this week

 

COMEX SILVER SEPTEMBER 2014 – current price $2038.0

Bullish over $2055 with $2076 and $2103 as price target

Bearish below $2010 with $1996-$1977 as price target

Neutral Zone between: $2010-$2055

  • Silver needs to trade over $2035 to rise to $2083-$2120
  • There will be sellers if silver trades below $2035 either in UK session or US session

COMEX COPPER SEPTEMBER 2014 – current price $321.90

Bullish over $322.90 with $327.60 -$330.10 as price target

Bearish below $319.90 with $318.30 and $316.80 as price target

Neutral Zone between: $319.90-$322.90

  • Back to square one as it needs to trade over $321 to prevent another to $316.80 and $314
  • Jobbers watch $321 all the time

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $97.93

Bullish over $98.30 with $99.70 and $101.70 as price target

Bearish below $97.30 with $96.60 and $95.70 as price target

  • Key support is at $97.30.
  • We prefer a buy on dips strategy as long as crude oil trades over $96.00

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: Monday, 4 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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