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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 10 September 2014 | Print  | Disqus 

All I can say is that as long as gold trades over the $1230-$1240 zone downside risk will be limited. As long as silver trades over the $1860-$1870 zone downside risk will limited. Copper needs to trade over $307.10 till Friday to prevent a sell off. As long as crude oil trades over the $90-$91 zone, we prefer a buy on dips strategy.

The US dollar index is in an overbought zone which can result in profit booking in the US dollar and short covering in gold, silver, copper and crude oil. US economic data will be commodity moving if they indicate significant changes in interest rates for next year.

TODAY

Remain on the sidelines. The third quarter of the calendar year will come to a close in around three weeks from now. From Friday’s US session (after the release of US August retail sale numbers) traders will start taking positions for the October to December quarter. Indian demand will be the key.

TECHNICAL VIEW

MCX GOLD DECEMBER 2014 – prices in Indian Rupees below

Key support is at 27290. Gold needs to trade over 27290 till Friday to rise to 27690-27890. There will be another wave of selling if (a) gold does not break 27690 by Friday (b) Gold trades below 27290 any day. Jobbers watch 27500 all the time.

MCX LEAD SEPTEMBER – prices in Indian rupees below

Key support is at 129. Lead needs to trade over 129 to rise to 132.25. There will be a technical break down below 129 to 126.80 and 124.90.

MCX NICKEL SEPTEMBER – prices in Indian rupees below

Resistance at 1205 was not broken. In case Nickel does not break 1205 by Monday then it will fall back to 1120 and 1096. Nickel needs to trade over 1156 to be in an immediate bullish zone.

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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