Weekly Technical Analysis and Commodity Market Tips

Information about Weekly Technical Analysis and Commodity Market Tips

Published on March 16, 2014

Author: speak2earth

Source: authorstream.com

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PowerPoint Presentation: Week l y Tec hn ic al Ana l ysis and Commodity Market T i p s G o ld w e may h a v e t o b e c a u ti o u s. At o n e h a n d it m a y c o n ti nu e t o rise du e t o c o n ti nu o u s g e o - p o l i tic a l c o n cern in Russ i a whi l e in the o ther h a nd , it m ay n o t ri s e su b stantia l l y du e to l i ke l y n eg a ti v e p erf o r ma n ce o f euro in t h e n ext w e ek. W e h a v e the i n fl a ti o n nu m b er c o mi n g u p in the n ext we e k a n d l i kely th a t the i n fl a ti o n m a y r e main m u te d . In th i s r e g ard the euro cu r ren c y m i gh t take a d ip b y whi c h g o ld c o m m o d i t y may g et m o d erate l y h itch in ris i n g p rices. Mea n whi l e, s l o wdown in t h e C h i n ese ec o n o my m ay b ri n g in c o n c ern th a t in the n ear t e rm ph ysical d e ma n d m a y s l o wdown a n d b e ca u se o f which g o ld p ri c es may re s t rict f r o m the hug e g ai n s. F r o m the d eri v a ti v es f r o n t, w e are seei n g that in the n ear m o n th c o n tract i . e. in A p ril COMEX a n d MCX v o l u mes a r e h i g h whi l e the o p en i n terests are s l o w l y fa d i n g . Wh i le, in the n e x t c o n tra c t in Jun e alo n g w i t h p rice v o l um es a n d o p en i n terests are al s o ris ing . This i n d icates that p ric e s may r e main el e va t ed in t h e n ext w e ek whi l e t h e g a i n s c o u ld b e mi n i mal. We rec o m mend b u yi n g g o ld w i th c a u ti o u s ap p ro a ch for t h e n ext w eek G o ld A p ril MCX f u tures p r i ces tra d ed h i g h er in t h e l a st w e e k b y r e ve r si n g the p rev i o u s we e k’s tren d . As o f 1 4 Ma r ch, 2 0 1 4 p rices c l o ses a t Rs 30 5 9 5, u p b y 1 . 3 5 p erce n t f r o m the p r e v i o u s we e k’s c l o se. F o r the we e k a h ead, w e e xpect p u l lb acks i n itia l ly b e f o re the up trend resu m es. The ex p ec t ed t r a d i n g ra n g e for the w e ek w o u ld b e Rs 3 0 0 3 1 - 3 0 8 08 ( 38 . 2% - 5 0 % r e trac e ment o f the r a ng e 3 4 1 0 0 - 2 7 5 1 7). For s h o r t - term tra d e r s, w e su g g e s t b u yi n g near t h e su p p o rt l ev els Gold W eek l y S upp o r t at 30 1 0 0 - 2 9 7 00 Gold W eek l y R esistan c e a t 3 0 9 0 0 - 3 1 5 00 We e kly Tren d : Up S ilv e r , whitish p r e cio u s m e tal c o n ti nu e s to f o l l o w t h e b road d irect i o n o f the m u c h la rg ely tra d ed yel l o w me t al, g o l d . It s h o u ld b e n o ted that si l ver as a c o mm o d ity g e t s i ts d e m a n d f r o m t w o d if f e r ent s eg m ent s , i . e. the i n du strial s eg m ent alo n g w i th the p r eci o u s me t als sp a c e in te r ms o f j ewel r y, i nv es t me n ts e tc. Wh i le we h ad s o me b it o f n egative cues f o r the i n d u strial m e tals sp a c e th i s we e k mai n l y fr o m C h i n a wherein e c o n o mic d ata d i sa p p o i n ted mea n whi l e t h e cred i t c o nd it i o n s al s o r aised al a r m s a b o u t the h ealth o f the e c o n om y. D u e to th i s, b a se m e tals r e mai n ed und er p r essure a n d also h ad a n egat i ve im p act o n si l ver c o mm o d i t y. F o r la rg er p art o f t h e w e ek, silv e r und erper f o r med gold t h o ug h i n t h e l a tter h alf when b ase m etals s t a b i l i z ed p o st a hug e d r o p a n d c o n cerns a b o u t Ukrai n e started to r i se a g ai n ; w e saw si l ver ma n a g i n g t o o u t p erf o r m g o l d . It s h o u ld b e n o ted that g ai n s in si l v er o ver g o ld th i s w e ek c a m e o n ly in the la s t t wo tra d i n g d ays o the r wise si l ver was perfo r mi n g s i mi l ar o r l o w e r than gol d . PowerPoint Presentation: S ilv e r h as a h i g h b eta a n d u su a l l y p er f o r ms well w h e n tra d i n g d ire c ti o n is clear. We f e el the b roa d er s et o f iss u es which h a ve b een d rivi n g g o ld p rices h i gh er are l i kely t o su p p o r t a b et te r p er f o r ma n ce in si l v er n ext w eek, a t –l e ast i n itia l l y. We f e el the ma j o r iss u e s n ext w eek w o u ld b e fi r s t Ukrai n e - Russ i a s t a nd o ff which is l i ke l y to see s o me ma j o r d e v el o p me n ts du ri n g the we e ke n d ( Plea s e s e e o u r W eek l y e c o n om y report f o r d etai l s). Se c o nd l y the F O MC m e eti n g is d u e a n d a n y major c om ment from Fed o ff i cia l s c o u ld d rive wide swin g s i nt o the bu l l ion b asket n e xt w e e k a lo n g with si l ver. Wh i le v o l a til i ty is l i k ely t o r e m ain h i gh , o verall d ir e ct i o n se e ms t o b e p o siti v e as o f n o w a n d w e re com mend bu yi n g o n d ecli n es in t h e c o m m o d i t y ne x t we e k. For the gol d /si l v er rat i o we fe e l it mi gh t s e e s o me d e cli n e t o w ar d s 6 3 mar k s S i lver’s M a y MCX f u tures p rices w i tnes s ed up si d e m o v e m ents in the last w e e k . As o f 1 4 Marc h , 2 0 1 4 p rices c l o ses at Rs 4 7 0 8 4 . On the w e e kly cha r t, the i m med i ate resi s tance is s ee n at Rs 4 7 3 1 0. A b reach a n d d ai l y cl o si n g a b o v e Rs 4 8 3 1 0 c o u ld lead the g ai n s t o m o v e t o wards Rs 4 9 1 0 0. T h e k e y su p p o rt l e v e l to watch f o r the we e k is at Rs 4 6 2 00. We su gg est b u yi n g f o r s h o rt t e r m tra d ers S i lv e r We e kly S upp o r t at 4 5 5 0 0 - 4 4 5 0 0 S i lv e r We e kly Resi s tance a t 4 8 1 0 0 - 49 5 0 0 Tren d : Si de wa y s Co mm o dity M a rk et T ips BUY G O LD M C X A PR NE A R 3 0 4 7 5 - 3 0 4 50 SL 3 0 1 5 0 T GT 3 0 7 0 0 SELL C RU D E O I L MCX A PR I L NE A R 6 1 2 0 - 6 1 4 0 S L 62 80 T GT 5 9 8 0 SELL N A T UR A L GAS M CX M AR N EAR 2 7 8 - 2 83 S L 2 9 5 T GT 2 60

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