-- Published: Tuesday, 14 April 2015 | Print | Disqus
It was a steady range bound trade yesterday. The overall direction for gold, silver and crude oil is neutral to bullish. Copper is in a neutral zone. Lack of news is preventing short term traders in metals and energies to take an aggressive one way stance. The Euro/Usd has yet to fall below 1.0325. As long as the euro/usd trades over 1.0325 downside risk will be limited for currency. Last year gold prices rose to new record high in Asia due to weakness in their currencies. This year gold has had a better price rise in the euro, cable and other non-Asian currencies. This trend will reverse only from next quarter. To the Asians, use this quarter’s dip to invest for the year end as currency depreciation factor will also support gold prices in their nations.
Be prepared for very big one way moves in metals, energies and the US dollar.
US March retail sale numbers will be the key. A decrease in spending will result in the gold price zooming to $1223 today and the silver price zooming to $1708. Use sharp dips in gold and silver (before the release of US retail sale number) to go long with a stop loss below $1184 and $1584. If these stop loss are hit (after the release of these numbers), then reverse into sell for $1162 and $1549/$1505.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2015 – current price $1200.20
Bullish over $1203.00 with $1218.70 and $1233.10 price target
Bearish below $1199.10 with $1191.90 and $1184.10 as price target
Neutral Zone between $1199.10 and $1203.00
Jobbers aggressive buy over: Buy if gold trades over $1211 at any time of the day stop loss $1203 for $1218.30 and $1223
Jobbers aggressive sell below: Selling only if gold trades below $1196 either in the UK session or the US session stop loss $1199.6010 for $1194.10 and $1187.0
- Gold needs to trade over $1189 today to rise to $1213 and $1223
- There will be sellers only if gold trades below $1191 either in the UK session or the US session.
- Trade very carefully between (a) $1184 and $1191 zone (b) $1206-$1215 zone.
COMEX SILVER MAY 2015 – current price $1630.00
Bullish over $1605 with $1682 and $1742 as price target
Bearish below $1586 with $1569 and $1543 as price target
Neutral Zone between: $1605 and $1586
Jobbers aggressive buy over: Buy over $1650 stop loss $1629 for $1682-$1702 and $1742 (use a strict stop loss in this call)
Jobbers aggressive sell below: No call – There will be another wave of selling if silver trades below $1627 either in the UK session or the US session to $1606 and $1588.
- Silver needs to trade over $1615 for the whole day to prevent another sell off.
- Bearish trend will be there (a) only if silver trades below $1578 in the US session any day (b) silver does not break $1743 by Thursday.
- Jobbers watch $1630 and $1650.50 all the time.
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.
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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: Tuesday, 14 April 2015 | E-Mail | Print | Source: GoldSeek.com