-- Posted Thursday, 4 December 2008 | Digg This Article
| Source: GoldSeek.com
Thursday, December 04, 2008
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 | $772.40 | 0.25 | -11.31 | $784.00 | $764.10 | 0.00 | $790.28 | $823.65 | $871.79 |
SILVER | $959.50 | 0.37 | -37.84 | $966.50 | $934.50 | 1093.00 | $1,023.07 | $1,230.74 | $1,507.60 |
| | | | | | | | | |
SPOT | | | | | | | | | |
GOLD | $771.50 | -0.28 | -7.36 | $783.15 | $765.90 | 0.00 | $788.66 | $818.88 | $868.03 |
SILVER | $9.59 | -0.1 | -34.94 | $9.70 | $9.35 | 0.00 | $10.21 | $12.21 | $14.97 |
LONDON GOLD FIXING | | SILVER FIXING |
AM FIXING | $773.50 | | $9.43 | |
PM FIXING | $766.25 | | | |
Yesterday
It was a consolidation phase for gold and silver on lack of major market moving news. Demand was once again stable. Traders booked profit at higher prices while prices remained firm. Silver for once outperformed gold.
Indian Rupee
The Rupee will be choppy and RBI intervention will not be ruled out at higher prices. Markets now expect interest rates to be further cut as inflation remains in the single digits. The Rupee should consolidate today with a bullish bias. Till the rupee does not break 50.26-50.35 zone there will be sellers. Supports starts at 49.88 with 49.32 as the key support till tomorrow.
TODAY
Technically gold and silver are in a neutral zone. Physical demand will rise with a 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.
The Bank of England meeting and the European central bank meetings are there between 5:00 pm IST and 7:30 pm IST. A clear trend will only be established after 7:30 pm IST. Till then gold and silver will be choppy. We prefer to buy on sharp dips in silver.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$737.40 | $746.20 | $752.80 | $763.20 | $777.80 | $787.00 | $798.60 | $805.40 |
If gold does not break and hold $790 by tomorrow then it will fall to $745 and $720 by next week. If gold breaks n holds $790 then $820 and $840 are next weeks target. Day traders should buy physical gold around $760 and $743.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$8.40 | $8.73 | $9.24 | $9.49 | $93.68 | $9.82 | $10.08 | $10.79 |
Silver needs to break the $9.79-$9.85 zone for $10.10 and $10.46. On the lower side $9.28 and $8.88 are the key support for the rest of the week. Short term investors can buy silver on dips as long as $8.73 holds.
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 12700 to target 12900+ while silver is bullish over 16400. Physical silver traders should keep on buying in small quantities on dips and aggressively around the 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 Thursday, 4 December 2008 | Digg This Article | Source: GoldSeek.com
