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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 18 December 2014 | Print  | Disqus 

The FOMC statement is bearish for gold, silver and other metals. There is huge speculation that Russia will be forced to sell its gold due to the oil price collapse. This is one the key reason why traders and investors are not investing in gold. All I can say is the ultimate reason for the oil price collapse is to break up Russia and eat into its vast natural resources.

In 2015, global political developments in Russia (whether Putin is able to weather the energy price storm), the Middle East (the spread of ISIS, whether NATO is able to overthrow Assad), North Korea, China (low growth rates will have huge political ramifications in China), spread of NATO, unrest in most parts of Africa, among other factors will dictate the long term trend of gold, silver and energy prices. There will be lot of more factors than just gold price manipulation, the direction of the US dollar and/or Asian demand. I personally believe that global peace will move from bad to worse (worse as a word with no limits) which could restart another gold bull run. (but towards the far end of 2015).  

Better to trade in the technical.

Indian physical gold price forecast for 2015

Key long term support is at Rs.25000. Gold has yet to fall below Rs.25000. As long as gold does not fall below Rs.25000 it will trade in Rs.25000-Rs.28100-Rs.30200 range. The next big crash in gold will come only if gold prices fall below Rs.25000 anytime in 2015. (all gold price mentioned is price per ten grams).

COMEX TECHNICAL VIEW

COMEX GOLD FEBRUARY 2015 – current price $1196.80

Gold needs to fall below $1135 or break and trade over $1262 for another big one wave rise. Initial support is at $1177. The wide $1135-$1262 range break should happen by the second week of January. (if it does not happen in December).

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $56.49

Bullish over $56.20 with $57.60-$59.10 as price target

Bearish below $55.10 with $53.70 and $51.71 as price target

  • Crude oil needs to trade over $56.00 today to rise to $58.80-$60.20
  • Remain on the sidelines. News flow will affect prices.
  • Jobbers watch $57.10

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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 -- Published: Thursday, 18 December 2014 | E-Mail  | Print  | Source: GoldSeek.com

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