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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 20 October 2014 | Print  | Disqus 

DIWALI GREETINGS TO ALL

There is speculation that India may once again start curbs on gold imports. In my view they should wait for early December to make this move. If gold imports in the month of November rises sharply then it will be an indication of higher demand due to non cyclical factors. I foresee Indian gold demand to fall sharply from November. There is a big change in the demand pattern in Indian marriages as a less amount is spent on pure gold jewelry and more in diamonds and gadgets. The performance of the bhartiya janta party (BJP) in the state elections bodes well for the Indian economy and Indian stock markets. Reforms have been started as diesel prices have been deregulated. Returns from investment in Indian stock markets will easily outpace returns from gold in India. Gold investment demand in India will not zoom at least for the next two months.

There are not a lot of big economic data releases this week. It will be a technical trade with the US dollar as the key. A former Egyptian minister has said that crude oil prices can fall to $60 in the near term. Lower crude prices will increases the chances of a delayed interest rate hike by the Federal Reserve next year which should be bullish for gold, emerging market currencies and emerging market stocks.

One of the esteemed readers in goldseek.com mailed as to why I am not giving analysis in US dollar prices. All I can say is there are marketing consideration involved. Anyways I will try and ensure that in the future there is something for everyone in our daily updates.

TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 – current price $1237.30

Bullish over $1231 with $1247.10 and $1263.00 price target

Bearish below $1221.00 with $1213.90 and $1207.00 as price target

Neutral Zone between $1221 and $1231

  • Gold needs to break and trade over $1231 to prevent a sell off. As long as gold does not break $1253 it will trade in a $1215-$1227-$1241-$1253 range.
  • There will be sellers if gold trades below $1236 in the UK session or the US session.

MCX GOLD DECEMBER – prices in Indian rupees

Gold needs to trade over 27100 today to be in an intraday bullish zone and rise to 27600-27860. There will be sellers if gold trades below 27100 in UK session or gold does not break 27600 by tomorrow.

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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