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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 2 October 2014 | Print  | Disqus 

Gold has yet to fall below $1200 which itself is a positive sign for now. Silver has a mini double bottom at $1685. The next three trading sessions till Monday are very crucial for the short term direction of gold and silver. Indian demand and Chinese demand over the weekend will be very crucial for bullion for next week.

The US dollar can form a short term bottom anytime. If and when the US dollar starts to weaken against the euro and yen, gold and silver will see a very quick rally. The European central bank meeting should be a no show today without any surprises. I am against going short in gold and silver for now.

A bit on UK

It is a nation which supports Islamic terrorist leaders and Islamic terror funding. UK nationals form the largest part of “Islamic State” network among the NATO nations. UK nationals give maximum funding to “Islamic State” among NATO nations. UK relies on child porn, bonded labour, and prostitution among other factors for higher economic growth. (There are reports on the same in some of the news websites). The people in the UK are looted through very high energy costs more so in case of prepaid customers. Sooner than later the people of the UK will realize the way their politicians are looting them and throw them out of power in the elections next year.

European and Indian demographic changes

The long term trends in demographic changes in Europe which includes changing thoughts among people, changing needs, changing aspiration of the people in the age group of 15-30 among other factors makes me believe that there will be mass unrest in most parts of Europe. The government functioning is turning into “Nazi Style” on some pretext or the other. For now the pretext is “Islamic terror”. European demographic changes will trigger the next big bull run in gold.

In India people spend more on Iphones and Ipads as gifts than jewelry. The teens in the age group of 15-35 prefer to spend less on gold/jewelry and more on gadgets. Even in marriages a good amount is spent on mobile phones, tabs and other gadgets. Holiday planning is getting more and more popular among Indians. I remember last month I was travelling in an auto rickshaw in Delhi. The auto driver told me that every six months he takes his family to a fifteen day vacation and he prefer to work for just eleven months a year. The auto driver is in a part of growing “neo middle class” Indians. The demand pattern of the “neo middle class” Indians will set the direction of demand for the next decade in India. The “neo middle class” for now has a preference for diamond jewelry and their own homes. The “neo middle class” people are now using debit cards instead of the earlier cash. The so called “Great Indian Middle Class” is moving into a very high debt zone. Whether it is home loans, credit card debt, or car loans all will only zoom in the next decade as the middle class people compete among themselves for higher standard of living. To sum it up Indian gold demand will continue to rise in the next decade BUT per capita gold consumption will fall drastically.

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 – current price $1216.40

Bullish over $1212 with $1224.10 and $1237.00 price target

Bearish below $1198.00 with $1191.10 and $1178.00 as price target

Neutral Zone between $1198 and $1212

  • Gold needs to trade over $1210 tomorrow to rise to $1237 and $1252
  • There will be another wave of selling if gold trades below $1210 in the US session any day
  • Jobbers watch $1216 all the time.

COMEX COPPER DECEMBER 2014 – current price $303.50

Bullish over $300.00 with $306.10 -$308.50 as price target

Bearish below $298.50 with $294.40 and $292.00 as price target

Neutral Zone between: $298.50-$300.00

  • Copper needs to trade over $298.50 to rise to $309 and $314
  • There will be sellers if copper trades below $300.00 either in the UK session or the US session.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $90.87

Bullish over $91.10 with $93.90-$95.20 as price target

Bearish below $90.10 with $89.40 and $87.90 as price target

  • The region between $89-$91 is a neutral zone. There is a still a possibility of a rise to $96 and $102 as long as crude oil trades over this zone.
  • We prefer to buy crude oil only if it trades over $92.20 today.

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, 2 October 2014 | E-Mail  | Print  | Source: GoldSeek.com

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