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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 16 March 2015 | Print  | Disqus 

This is a Federal Reserve week. It all depends on whether it is comfortable with a stronger US dollar or not. The Federal Reserve statement will also tell us the US dollar policy. What is already factored in by the markets: (a) A June interest rate hike and (b) A change in the policy statement to a much more aggressive interest rate hike stance. If these are not then there will be short covering in commodities and also profit taking in the US dollar.

Technically it all depends whether gold is able to trade over $1128 this week and silver is able to trade over $1470 this week. After the FOMC statement, traders will start taking positions for the next quarter.

One needs to trade very carefully this week. If you are trading over the phone with your broker, then use higher stop losses. Also if at all the stop loss is hit, then double check with your broker. There will be sudden knee jerk price moves this week which may not trigger your trailing stop losses and you may end paying very heavily for a bad trade.

TECHNICAL VIEW

COMEX GOLD APRIL 2015 – current price $1158.90

Bullish over $1141.00 with $1166.40 and $1191.60 price target

Bearish below $1136.10 with $1124.40 and $1113.70 as price target

Neutral Zone between $1136.00 and $1141.00

Jobbers aggressive buy over: Buy if and only if gold trades over $1160 at any time of the day with strict stop loss of $1153.70 and a price target of $1167.10 and $1184.60

Jobbers aggressive sell below: Sell only if gold trades below $1146 in the UK session strict stop loss $1151 for $1142.20-$1137.10 and $1128.60

  • Gold needs to trade over $1141 till Friday to rise to $1191-$1232
  • The next wave of selling will be only below $1141

MCX GOLD APRIL – prices in Indian rupees below

Weekly view: Gold needs to trade over 25457 this week to rise to 26166-26604 and 27561. The next wave of selling will be only below 25457.

Today’s view: Gold needs to trade over 25846 to rise to 26174-26457. Initial support is at 25756 and there will be another wave of selling if gold trades below 25756 either in the UK session or the US session.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $44.38

Bullish over $46.10 with $47.80-$48.60 as price target

Bearish below $43.40 with $41.80 and $38.70 as price target

Jobbers buy over: $46.10 stop loss $45.40 for $47.40-$49.10

Jobbers sell below: $43.40 stop loss $44.30 for $41.90 and $40.20

  • Crude oil can fall to $38.70 this week as long as it trades below $47.90
  • There will be another wave of rise if crude oil trades over $47.90 or in case crude oil does not fall below $38.70

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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 -- Published: Monday, 16 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

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