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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 6 November 2014 | Print  | Disqus 

The next big wave of selling will be there if gold trades below $1137 either in the UK session or the US session. Silver needs to trade over $1510 to be in a bullish zone. Today and tomorrow’s session is very crucial for gold and silver. Higher crude oil prices will prevent gold and silver from big losses. Technically crude oil has bottomed out and can rise to $82.20 and $96.00 as long as it trade over $75.00. Indian banks are closed today. Indians will be buying tomorrow.

Crude oil refiners in the USA are mostly supporters of Republicans. In case Nymex crude oil prices start their bullish journey from here and rise to $100.00 (by early January), then it will imply that the fall was manipulated due to infuse damage to republicans and effect the voters in the US senate elections. Now US senate elections are over. Next week’s direction of crude oil prices will be the key and could be an indication of the medium term to long term direction. Higher oil prices will prevent bullion from further big crashes.

Everyone is now trying to assess the impact of a republican control of the US senate. We believe that it should be bullish for gold and silver (in the medium term to long term).

US economic data releases are as per expectation.

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 – current price $1143.00

Bullish over $1154 with $1174.10 and $1196.00 price target

Bearish below $1137.00 with $1121.70 and $1109.10 as price target

Neutral Zone between $1137 and $1154

  • Gold needs to trade below $1137 either in the UK session or the US session for another wave of selling to $1119 and $1089.
  • Buyers will be there if gold trades over $1152 either in the UK session or the US session.
  • A daily close below $1150 today would be bearish for gold for next week.

MCX GOLD DECEMBER – prices in Indian rupees

The next wave of selling will be only below 25240 with 25037 and 24770 as price target. However in case gold is able to trade over 25240 till tomorrow then it can rise to 26070 and 26712.

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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