-- Posted Tuesday, 2 December 2008 | Digg This Article
| Source: GoldSeek.com
DAILY SPOT GOLD AND SILVER REPORT – ONLY FOR THE JEWELLERS
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
| LTP | % CHG | YTD % | PREV. DAY HIGH | PREV. DAY LOW | OPEN INT. | 50 DAY MA | 100 DAY MA | 200 DAY MA |
| | | | | | | | | |
COMEX | | | | | | | | |
GOLD | $775.70 | -0.14 | -10.93 | $820.00 | $768.00 | 162971.00 | $794.99 | $827.67 | $873.47 |
SILVER | $934.50 | -0.05 | -39.24 | $1,025.00 | $914.50 | 2614.00 | $1,037.70 | $1,249.15 | $1,515.89 |
| | | | | | | | | |
SPOT | | | | | | | | | |
GOLD | $774.30 | 0.64 | -7.02 | $818.20 | $769.90 | 0.00 | $792.76 | $822.56 | $869.90 |
SILVER | $9.33 | 1.08 | -36.70 | $10.26 | $9.32 | 0.00 | $10.34 | $12.39 | $15.07 |
PREVIOUS DAY |
LONDON GOLD FIXING | | SILVER FIXING |
AM FIXING | $795.50 | | $9.91 | |
PM FIXING | $778.00 | | | |
Yesterday
Gold and silver fell on the back of US dollar gains against the euro, pound and other major currencies and slide in US equity markets. Demand rose with the fall in prices. Traders booked profit on the first trading day of the month after the rise in the last ten days of November.
Indian Rupee
The Rupee weakened on concerns that there will be temporary reduction on foreign flows into India after the Mumbai terror attacks. Tourism and the hospitality sector will be hit and this is the peak season for this sector. The global stock market fall further added to the weakness. India’s October Trade deficit was at $10.54 bln. Imports at $23.36 bln and exports at $12.82 bln. Exports have fallen in October while the trade deficit has widened suggesting scope for further weakness in the short term. The Rupee faces resistance at 50.59 and 50.79 with support at 49.92 and 49.32.
TODAY
Technically gold and silver are in a neutral zone. Physical demand will rise with fall in prices. Fridays close could set the tone for the rest of the month. The US dollar and equity indicies are the key factors for the day.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$787.00 | $798.20 | $805.40 | $818.00 | $737.40 | $746.20 | $752.90 | $768.40 |
$786 price target achieved. A close below $760 on Friday will reuslt in retest of $700 in December. Intra day gold needs to break and hold $786 to target $805+ once again.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$7.71 | $8.40 | $8.73 | $9.24 | $9.54 | $9.78 | $10.02 | $10.79 |
The 2008 low of $8.40 is the key support and as long as $8.40 holds downside risk will be limited for silver in the short term. Silver needs to close over $9.79 on Wednesday and Friday else it will test $8.40 and $7.51 in December. Intra day silver needs to break $9.79 to test $10.25.
PHYSICAL GOLD AND SILVER – INDIAN RUPEE TERMS
12314 and 12156 is the key short term support for gold while for silver the key short term support is at 15950. As long as these prices hold in the short term downside risk will be limited and fresh selling will emerge below these prices. Intra day gold needs to break 12900 to target 13100+ while silver is bullish over 17300. Physical silver traders should keep on buying in small quantities on dips and aggressively around 15500-15900 zone (if prices come this week). Physical gold investors should invest in gold in small quantities as long as the 12100-12300 zone holds.
NOTE: All gold prices in Indian rupees are per ten grams and all silver prices in Indian rupees are per kilogram. All prices are in Indian rupees unless other wise specifically stated.
THIS REPORT IS FREE TILL 31ST DECEMBER, 2008 AFTER THAT IT WILL BE ONLY FOR SUBCRIBERS. TO RECEIVE A COPY OF THE REPORT ON YOUR MAIL BOX MAIL A REQUEST TO consultants.insignia@gmail.com
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. Website www.insigniaconsultants.in
-- Posted Tuesday, 2 December 2008 | Digg This Article | Source: GoldSeek.com
