Indian lost another opportunity to buy silver as comex silver december future fell to a low $1318. Gold also had a correction. Gains in the US dollar and losses in gold and silver is just profit taking ahead of European Central bank (ECB) and bank of England meeting.Unless the ECB say directly that it could cut interest rates and Friday’s payrolls numbers beat street expectations, the US dollar will continue to trade with a weaker bias and gold and silver rise. Crude oil is trading over $80 a barrel and I have my doubts over its sustainability as the peak period for the hurricane is over.
On Monday I wrote that I would not be buying gold and silver, I was right. I will still be cautious going long in gold for day trading purposes. Investment, gold and silver are great investment. They can be invested anytime. Silver once again has disappointed and will be vulnerable to losses if precious metals fall. Copper is getting buoyed by strike by mine workers. For the past three years apart from demand, mine worker strike has been the major price mover. Copper could edge higher as the number of shorts gets increased with each rally.
GOLD -- DECEMBER FUTURE
Gold needs to break $747.20 and $757 for further gains. Initial support at $732.10 and key support at $714.10
NYMEX CRUDE OIL --FUTURE
Crude oil targets $86 as long as it floats over $80.0. Key Support at 77.60
Happy Profitable Trading
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