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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 9 April 2015 | Print  | Disqus 

-------------------------------------------------------------------------------------------------------------------------------------------

COMEX FUTURES REPORT

Gains in the US dollar along with a technical breakdown resulted in gold and silver falling. Now gold needs to trade over $1189 and silver needs to trade over $1625 to prevent another sell off.

Gold and silver can still recover. Today’s session is very crucial for bullion. FOMC minutes have been a no show.

TODAY

Gold needs to trade over $1124 for the whole day to prevent a sell off. Silver needs to trade over $1627 for the whole day to prevent a sell off.

COMEX GOLD JUNE 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,177.10

$1,184.10

$1,189.90

$1,193.60

$1,203.30

$1,207.90

$1,217.90

$1,223.40

SILVER MAY 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,578.00

$1,602.00

$1,614.00

$1,627.00

$1,649.00

$1,661.00

$1,676.00

$1,703.00

COPPER MAY 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$263.90

$266.10

$268.90

$270.80

$273.10

$277.10

$282.90

$285.40

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$48.30

$49.15

$49.90

$50.40

$51.60

$52.30

$52.90

$53.90

All prices are in US dollar ($) above. Only for reference

         

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2015 – current price $1197.00

Bullish over $1208.00 with $1216.30 and $1227.10 price target

Bearish below $1202.10 with $1192.60 and $1177.10 as price target

Neutral Zone between $1202.10 and $1208.00

Jobbers aggressive buy over: Buy if gold trades over $1202 at any time of the day stop loss $1199 for $1207.10

Jobbers aggressive sell below: Selling only if gold trades below $1195 either in the UK session or the US session stop loss $1198.60 for $1191.30 and $1187.10.

  • Gold needs to trade over $1195 for the whole day to prevent another sell off.
  • Take the lower base price of $1189 and do your intraday trades.
  • Trade very carefully between (a) $1189 and $1192 zone (b) $1199-$1202 zone.

COMEX SILVER MAY 2015 – current price $1636.00

Bullish over $1661 with $1703 and $1733 as price target

Bearish below $1649 with $1621 and $1602 as price target

Neutral Zone between: $1649 and $1661

Jobbers aggressive buy over:  Buy over $1660 stop loss $1648 for $1696-$1711 and $1736 (use a strict stop loss in this call)

Jobbers aggressive sell below: Selling only if silver trades below $1626 either in the UK session or the US session stop loss $1641 for $1611 and $1599 (very high risk call)

  • Silver needs to trade over $1620 for the whole day to rise to $1661 and $1700.
  • Trade very carefully between $1600 and $1627 zone.
  • Jobbers watch $1626 and $1649 all the time.

COMEX COPPER MAY 2014 – current price $272.25

Bullish over $277.10 with $284.60 -$294.60 as price target

Bearish below $273.20 with $268.90-$263.60 as price target

Neutral Zone between: $273.30 and $277.10

  • Copper needs to trade over $270.50 today to prevent another wave of selling to $265 and $261
  • We prefer a buy on sharp dips strategy as long as copper trades over $267.0

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $50.93

Bullish over $52.20 with $54.10-$55.60 as price target

Bearish below $51.40 with $50.40 and $49.60 as price target

Jobbers buy over: Sell at $57.60 stop loss $58.40 for $52.20

Jobbers sell below: Sell below $50.70 stop loss $51.40 for $49.90 and $48.10

  • Key support is at $50.30. Crude oil needs to trade over $50.30 to prevent a sell off.
  • There will be sellers only below $50.30 today.

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 Manan Somani

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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Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
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