Insignia Consultants
TIME 04:48 PM IST
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PRE US OPEN REPORT
- MCX will open tomorrow at
- MCX is closed on Friday (full day) due to “Good Friday)
TODAY
The European central bank meeting will be the key. One needs to look to changes in eurozone growth outlook and changes (if any) on injection of new liquidity measures. Any major changes in them will affect currency markets, stock markets and commodity markets. Technically gold and silver are at a critical point as they need to trade over $1625 and $3155 to prevent another wave of sell off. Fundamentally gold and silver are still bearish. Copper and crude oil will fall if and only if US stock markets fall.
The logic that commodities fell as the federal reserve will not announce any further monetary easing measures suggest that gold prices would have fallen to $1400 and below if there was slightly less free money and that its just excess speculation that is preventing global commodity prices from falling.
Comex gold: There will be a technical break down only below $1625
Comex silver: Silver needs to trade over $3250 for further gains
Comex copper: Copper needs to trade over $386 else it will fall to $379.50 and $374
Nymex crude oil: Crude oil needs to trade over $103 else it will fall to $101 and $99.80
COMEX
BREAK POINTS
GOLD: $1625-$1637
SILVER: $3176-$3248
COPPER: $386.50
CRUDE OIL: $103.10
GOLD JUNE 2012: Buy around $1586 stop loss below $1560 for $1637-$1669
SILVER MAY 2012: Buy around $3040 stop loss below $2980 for $3285-$3350 COPPER MAY 2012: Buy around $379-$380 stop loss below $374 for $389-$396 NYMEX CRUDE OIL: Buy around $102 stop loss below $100.80 for $105.20-$109.20
COMEX BUY ABOVE/SELL BELOW CALLS – ONLY FOR THOSE TRADERS WHO TRADE ON TRADING SCREENS
(To be done on which ever trading call is executed first)
GOLD JUNE 2012: Buy over $1638 for $1646-$1658-$1676 or sell below $1625 for $1619-$1609-$1592
SILVER MAY 2012: Sell below $3175 for $3155-$3058 or buy over $3220 for $3252-$3303
COPPER MAY 2012: Sell below $384 for $381-$374 or buy over $386 for $391-$396
NYMEX CRUDE OIL: Sell below $103.0 for $102.60-$101.40 or buy over $104.20 for $105.20-$106.60
BREAK POINTS
GOLD JUNE: 28057-28318
SILVER MAY: 55766-56683
COPPER APRIL: 434.50
CRUDE OIL: 5174-5305
ZINC APRIL: 101.70
LEAD APRIL: 103.30-106.20
NICKEL APRIL: 916
NATURAL GAS APRIL: 112.73
GOLD JUNE 2012: Sell around 28350 stop loss over 28500 for 28050-27880
(Fresh wave of selling will be there only if gold trades below 28050 in US
SILVER MAY 2012: Sell around 57300-57400 stop loss over 58100 for 55900-54742
(55900 is the key support and there will be a technical break down only if silver trades below 55900 for 54742)
COPPER APRIL 2012: Sell around 439 stop loss over 445 for 428-421
(Copper needs to trade over 434 else it will fall to 429-424)
NICKEL APRIL: Buy around 894 stop loss below 878 for 952-972 – btst call for saturday
(Nickel needs to trade over 932 to target 955-977. There will be sellers as long as Nickel trades below 933)
CRUDE OIL: Sell around 5350 stop loss over 5420 for 5240-5170
(crude oil needs to trade over 5305 else it will fall to 5240 and 5140)
ZINC APRIL: Buy around 101 stop loss below 99 for 103.30-104.30
(101.70 is the key long term support. There will be a technical break down below 101.70)
LEAD APRIL: Buy lead mini around 102 stop loss below 100.50 for 105.20-107.60
(There will be a technical break down below 102 to 100.50-98)
NATURAL GAS APRIL: Buy around 106 stop loss below 103 for 114-119
MCX BUY ABOVE/SELL BELOW CALLS – ONLY FOR THOSE TRADERS WHO TRADE ON TRADING SCREENS
(To be done on which ever trading call is executed first)
GOLD JUNE 2012: Sell below 28050 for 27934-27796 or buy over 28180 for 28234-28330
SILVER MAY 2012: Sell below 55900 for 55766-55524-54742 or buy over 56600 for 56850-57200
COPPER APRIL 2012: Sell below 434.50 for 432.50-428.50-424 or buy over 437.50 for 439.50-443
NICKEL APRIL: Sell below 923 for 919-909-892 or buy over 932 for 939-944-954
CRUDE OIL: Sell below 5245 for 5225-5195-5175 or buy over 5295 for 5335-5435
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.
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES IN INDIAN RUPEES UNLESS OTHERWISE SPECIFIED
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
STOP LOSS FOR MCX CALLS IN INDIAN RUPEES – 50% of target profit
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