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By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 15 April 2015 | Print  | Disqus 

The recent range trade in gold and silver will not attract new investors. They need to have higher intraday volatility or a quick rise to attract investors. In fact, I am not asking investors to invest in gold and silver for the short term to medium term.  

In India there are a lot of profitable investment avenues (other than gold and silver) to invest in. (A) Businesses in India will use their cash surpluses for expansion as the Indian economy rises (B) Retail investors find equity markets and real estate better opportunity. Gold and silver jewelry are being purchased but only when all other needs are met. Impulsive buying of gold and silver is not seen at the moment. Gold prices in India have been trading in Rs.25000-Rs.29000 (per ten grams) over the past few months. This range bound trade will not attract investors. Silver prices have not shown any indication to rise. However I still believe that Indian’s should use this year’s fall in gold and silver to invest for the 2016-2020 period.

I am not buying gold and silver for now. They are in a neutral zone to bearish zone. In case they are unable to rise, then expect a big crash. It is better to day trade. Do not leave any open positions for the next day. Crude oil prices seem have the best chance to rise to the $60-$70 zone over the next couple of months. The longer crude oil trades over $48, the chances of a rise to $70 by the end of September is very high. Predicting crude oil is like a casino. Energy prices and commodity prices will be dependent on the (a) Direction of the US dollar (b) Fundamental factors of demand and supply and more the Iran effect on supplies in the coming week. A sustained rise in crude oil prices will be beneficial for bullion.

TECHNICAL VIEW

COMEX GOLD JUNE 2015 – current price $1194.60

Bullish over $1199.00 with $1204.10 and $1213.30 price target

Bearish below $1189.10 with $1181.90 and $1173.60 as price target

Neutral Zone between $1189.10 and $1199.00

Jobbers aggressive buy over: No call – Buying for high risk traders if gold trades over $1197 in the UK session after 1:30pm IST (+5:30 GMT) stop loss $1193.90 for $1201.2 and $1204.60

Jobbers aggressive sell below: Selling only if gold trades below $1189 either in the UK session or the US session stop loss $1192.20 for $1185.80 and $1179.10

  • Gold needs to trade over $1189 today to rise to $1203 and $1213
  • There will be sellers only if gold trades below $1189 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 $1619.00

Bullish over $1605 with $1641 and $1672 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 $1630 stop loss $1619 for $1645-$1662 and (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 $1599 either in the UK session or the US session to $1581 and $1571

  • 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 $1605 in the US session any day (b) silver does not break $1743 by Thursday.
  • Jobbers watch $1630 and $1605.00 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 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: Wednesday, 15 April 2015 | E-Mail  | Print  | Source: GoldSeek.com

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