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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 6 February 2015 | Print  | Disqus 

Gold and silver will break free from the recent wider trading range and form a new range anytime soon. US January nonfarm releases will affect bullion and other metals and energies only if they deviate (either side) in a big way from the expectations. After that the focus will shift to Greece, Denmark and the Czech Republic where an EU bailout and interest rate cuts have been making headlines.

 

Indian importers and others are not buying gold in anticipation of a custom duty cut in the upcoming Union budget on 28th February. Indian demand for gold will remain subdued unless (a) Gold prices fall another two percent (b) The government explicitly quashes the speculation.

 

COMEX TECHNICAL VIEW

COMEX GOLD APRIL 2015 – current price $1266.30

Bullish over $1262.10 with $1284.70 and $1296.30 price target

Bearish below $1250.10 with $1243.70 and $1229.90 as price target

Neutral Zone between $1250.10 and $1262.10

Jobbers aggressive buy over: $1269 (if gold trades over this price in the UK/US session) for $1274.40 and $1287.10 stop loss $1265.90

Jobbers aggressive sell below: $1263.30 (at any time of the day) for $1259.10 and $1256.80 stop loss $1265.10

  • Gold needs to fall below $1250 or break and trade over $1280 for direction
  • Remain on the sidelines.
  • Jobbers watch $1273.30 and $1262.10 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $51.23

Bullish over $50.20 with $52.20-$56.70 as price target

Bearish below $49.30 with $47.90 and $43.10 as price target

Jobbers buy over: $51.70 stop loss $50.90 for $52.90-$55.60

Jobbers sell below: $48.30 stop loss $49.10 for $47.30 and $46.30

Others/Limit order: Buy crude oil at $39.00 stop loss $37.60 for $48.90-$52.30

  • Crude oil needs to trade over $50.20 today to rise to $53.70-$57.10
  • There will be technical breakout on the higher side if crude oil is able to trade over $53.00 in US session to $57.00 and $60.20

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: Friday, 6 February 2015 | E-Mail  | Print  | Source: GoldSeek.com

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