-- Published: Wednesday, 24 September 2014 | Print | Disqus
It is all about the US dollar-Japanese Yen (USD/JPY) price movements that is dictating bullion markets. A break over 110 in the USD/JPY will trigger knock out options and it can also cause chaos in global price movements. Emerging market currencies could get significantly weaker if the USD/JPY trades over 110 for more than a week. The ISIS and other geopolitical risks are not able to make gold and silver rise. In case gold and silver do not rise sharply after the 8th of October, then even higher Indian demand will not prevent its demise. I am still positive for gold and silver in October. The trend of energy prices after US senate elections will be the key as I feel that energy prices can rise sharply after the elections.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1222.10
Bullish over $1212 with $1234.60 and $1253.10 as price target
Bearish below $1206.00 with $1201.10 and $1194.40 as price target
Neutral Zone between $1206 and $1212
- Gold needs to trade over $1212.00 to rise to $1234 and $1262
- There will be sellers if and only if gold trades below $1219 in the UK session or the US session.
MCX COPPER NOVEMBER – prices in Indian Rupees below
Key support is at 412. Copper will see another wave of selling only below 412 or in case copper does not break 417. For the rest of the year copper should trade in a wider range between 391-412-442 range.
NICKEL
Even MCX Nickel is looking attractive to me. A higher interest rate cycle in the USA and UK should be very bullish for Nickel. Mine closures in Indonesia and other parts of the globe continue and should be supportive of higher prices. Firm growth in the USA and the UK will increase demand of Nickel from these nations. Asian demand is more or less on the bottom side. Higher growth in the USA and the UK will also lift Asian demand for Nickel. Once Nickel shows signs of big rise, short term speculators will do the rest.
The first phase of a Nickel price correction is over. The 2014 bull Nickel Bull Run will be over if and only if Nickel falls another five percent from current prices.
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.
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NOTES TO THE ABOVE REPORT
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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
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-- Published: Wednesday, 24 September 2014 | E-Mail | Print | Source: GoldSeek.com
