-- Published: Wednesday, 25 February 2015 | Print | Disqus
The Federal Reserve chairwoman Yellen in her testimony did not give any specific time for an interest rate hike. Like previous editions she says that interest rates will be raised soon. US economic data releases have been good so far this year. Next week’s US February nonfarm payrolls will tell us whether a June interest rate hike is there or not. All of this is already factored in by the markets. This is one reason why gold and silver have risen.
Greece, Ukraine, and other geopolitical factors have so far failed to impact the commodity markets. China officially opens from next week. Chinese gold and silver demand numbers during the Chinese New Year can set the ball rolling for another bull run. Initial indications are that the Chinese are buying more gold and silver in their New Year. Investor expectation has been too high on Chinese new year demand and has curtailed the price rise.
The rise in Chinese HSBC manufacturing PMI over 50 could be an indication that the worst is over and the best is yet to come. We believe that silver and copper are great long term investing opportunities at current prices. They are highly undervalued as compared to gold (on fundamentals).
TECHNICAL VIEW
COMEX SILVER MARCH 2015 – current price $1665.00
Bullish over $1640 with $1701 and $1796 as price target
Bearish below $1601 with $1576 and $1519 as price target
Neutral Zone between: $1601-$1640
Jobbers aggressive buy over: $1670 (at anytime of the day) stop loss $1647 for $1696-$1736-$1786
Jobbers aggressive sell below: $1640 (if silver trades below this price in the UK/US session today) stop loss $1666 for $1619 and $1602 (high risk call)
- Today is the best day for silver to rise to $1720 and $1810. Massive short covering will be there if silver is able to trade over $1670 in the UK session or the US session.
- There will be another wave of buying only if silver trades over $1670 in the UK session or the US session.
Short term view on physical silver price in India.
60 day view: Silver prices can rise to Rs.41000 and Rs.45500 as long as it trades over Rs.34000. The next sell off will be there only if physical silver trades below Rs.34000. (all silver prices are Rs/kilogram).
However physical silver investors in waiting should wait till next week and then invest.
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.
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NOTES TO THE ABOVE REPORT
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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
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-- Published: Wednesday, 25 February 2015 | E-Mail | Print | Source: GoldSeek.com
