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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 10 February 2015 | Print  | Disqus 

The focus of the markets is on Greece and how a solution comes. There is lots of speculation that in the long term, Greece could be thrown out of the euro which will have positive effect on bullion. The US will be arming Ukrainian soldiers and/or indirectly sending its retired soldiers to Ukraine to fight the war. I repeat what I have been repeating every now and then - apart from the US interest rate factor, the rest of the factors are gold positive. Silver’s rise will be dependent on the global economic outlook.

 

As long as gold trades over $1217 it could trade in a $1217-$1256-$1284 and 1313 range. In the next four weeks, either gold breaks and trades over $1313, else short selling interest will zoom with a real possibility of $1167 and $1119. This could be just one of the technical scenarios. Silver, the next big sell off will be there only on a fall below $1620.

 

Over the internet, there is still huge speculation for crude oil falling to $30 and below at any time this year. Sustained low crude would be beneficial for emerging economies and for Europe as well. There could be layoffs with energy workers. However other sectors of the economy will see an increased hiring trend which will offset energy sector layoffs (if any). Lower crude oil prices will be short term/medium term negative for gold and silver but positive economic sentiment created due to lower energy prices will improve the fundamentals of the bullion market and create the foundation for another big rally in bullion. However bullion investors are a case of once bitten twice shy. They will compare the return in alternate investment before thinking of investing in bullion.

 

TECHNICAL VIEW

COMEX SILVER MARCH 2015 – current price $1707.00

Bullish over $1677 with $1737 and $1796 as price target

Bearish below $1661 with $1646 and $1621 as price target

Neutral Zone between: $1661-$1677

Jobbers aggressive buy over:  Buy over $1711 (if silver trades over this price either in the UK session or the US session) stop loss $1699 for $1731-$1751 and $1786.

Jobbers aggressive sell below: $1649 (if silver trades below this price in the UK/US session today) stop loss $1661 for $1629 and $1602.

  • Silver needs to trade over 100 day moving average of $1684.10 to rise to $1727 and $1773
  • The region between $1649 and $1681 is an anything can happen zone. Trade carefully in this zone.

MCX SILVER MARCH 2014 – prices in Indian rupees below

Silver can still rise to 39000 as long as it trades over 36300. The next big wave of selling will be only below 36300. Jobbers watch 37452 and 38100 today.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $52.13

Bullish over $50.40 with $55.40-$57.10 as price target

Bearish below $49.70 with $47.90 and $43.10 as price target

Jobbers buy over: $53.55 stop loss $51.70 for $55.40-$57.02

Jobbers sell below: $51.40 stop loss $51.90 for $50.50 and $48.91

  • 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 $57.70 and $60.70

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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