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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 10 November 2014 | Print  | Disqus 

There are no major US economic data releases before Friday. We believe that gold and silver should rise further. The more they rise the more there will be short covering adding to very big short term gains. The pace of US interest rate hikes next year should be below investor expectations which itself should remove the negative sentiment. Indian demand and Asian demand for gold and silver has been very high.

Apart from the USA, India and China, most of the nations are expected to grow at a slower rate next year. I do not subscribe to the fact that the US interest rate futures curve will dictate gold and silver. There are a lot more factors such as the war zone in the middle east and North Africa region, the people in East Ukraine are living over a landmine, there is a daily sharp increase in the number of people getting more and more sympathetic towards the so called “Islamic State” all over the world, Eurozone, Russia, South Africa and most the global nations are expected to continue with slower pace of growth next year. I foresee huge increase in physical demand in gold and silver from Europe, Russia and nations where there will be a slow down next year. Last but not the least is the Switzerland referendum to increase gold reserves.

Do not go by news and analysis that gold will never rise. The pace of rise of gold will much be slower than the 2005-2012 period. Gold prices should form a very long term bottom by next year (if it continues to fall) and thereafter a slow and very steady price increase with fundamental factors as the key. I remain more bullish on silver for a period of four years than any other metal.

TECHNICAL VIEW

COMEX SILVER DECEMBER 2014 – current price $1581.00

Silver can rise to $1763 and $1888 this week as long as it trades over $1465. There will be a long term technical breakdown only below $1465.

MCX SILVER DECEMBER 2014 – prices in Indian rupees below

Silver can rise to 37538 and 39894 this week as long as it trades over 33900. In the next twelve months as long as silver trades over 31000 the chances a rise to 63000 will be very high.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $78.81

Bullish over $77.10 with $80.70-$83.10 as price target

Bearish below $76.10 with $75.40 and $74.20 as price target

  • Crude oil can rise to $82.20 and $87.00 this week as long as it trades over $77.10
  • There will be sellers only below $77.10.

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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