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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 9 March 2015 | Print  | Disqus 

It is now upto the Federal Reserve whether to decide whether it wants a June interest rate hike or not. US February nonfarm payrolls are clearly indicative of an interest rate hike in June. However global central banks have a history to excesses and the Federal Reserve can convey a delay in US interest rate hike beyond June. The next ten trading sessions are very crucial for gold and silver from a medium term perspective.

Physical traders will stay away from buying unless there are signs of a short term bottom formation. Premiums on gold and silver bars will rise with every two percent fall.

The FOMC statement on the 18th of March will also tell us the currency stance of the Federal Reserve. A stronger US dollar does affect exports. It remains to be seen how long the Federal Reserve accepts a stronger US dollar.

Till Wednesday, there are no big US economic data releases. It will be a technical trade till then.

TECHNICAL VIEW

COMEX GOLD APRIL 2015 – current price $1171.00

Bullish over $1177.00 with $1194.70 and $1204.40 price target

Bearish below $1163.30 with $1157.10 and $1147.50 as price target

Neutral Zone between $1163.30 and $1177.00

Jobbers aggressive buy over: Buy if and only if gold trades over $1177 in the UK session strict stop loss of $1167.10 and a price target of $1189.10 and $1202.30

Jobbers aggressive sell below: Below $1163 at any time of the day stop loss $1171 for $1153.30 and $1147.10 (high risk call)

  • Key long term support is at $1147.50. Gold needs to trade over $1147.50 this week to rise to $1204 and over.
  • However the rise (if any) will not sustainable as traders will be using it to exit long positions.
  • Jobbers watch $1167 and $1177

MCX GOLD APRIL – prices in Indian rupees below

Key medium term support is at 25416. Gold needs to trade over 25416 for the rest of the month to rise to 27100-27556. The next big wave of selling will be only below 25416. The region between 25416-25900 is an anything can happen zone. Trade only intraday in this price band.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $49.41

Bullish over $49.60 with $50.70-$51.40 as price target

Bearish below $48.20 with $46.70 and $45.40 as price target

Jobbers buy over: $50.10 stop loss $49.70 for $50.80-$51.70

Jobbers sell below: $49.10 stop loss $49.60 for $48.40 and $47.60

  • Key weekly support is at $46.45. Crude oil needs to trade over $46.45 this week to rise to $53.40
  • There will be another wave of selling if crude oil does not break $51.40 today or crude oil trades below $48.70.

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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