-- Posted Monday, 8 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 | 10 DAY ma | 50 DAY MA | 100 DAY MA | LONDON AM FIXING | LONDON PMFIXING |
SPOT GOLD | $760.50 | 0.46 | -8.68 | $772.00 | $742.25 | $787.36 | $783.18 | $814.82 | $771.75 | $749.00 |
SPOT SILVER | $9.53 | 0.95 | -35.35 | $9.52 | $9.21 | $9.82 | $10.06 | $12.03 | $9.46 | |
Last week
Gold and silver fell on Friday after the US November payrolls but recovered quickly from the lows to close higher. Silver once again was a better performer than gold. Demand for gold and silver was firm.
Indian Rupee
RBI has cut interest by 1% to 6.50% on the weekend. The interest rate cut by the RBI will be very positive for the rupee. We expect the rupee to test 49.32 and 48.50 this week. The other economic stimulus package will be announced this week. Key resistance at 49.90 and 50.32.
TODAY
It should be a technical trade on lack of major market moving news. Technically gold and silver are in a neutral zone. We prefer a buy on sharp dips strategy as long as gold holds $837/$823 and silver holds $888/$915.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$708.23 | $727.44 | $743.80 | $749.60 | $765.00 | $780.70 | $789.50 | $798.80 |
Gold needs to break $765 to target $780-$790 zone once again. This week if gold holds $740 then it will target $800 while a fall below $740 will result in $708.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$8.77 | $9.06 | $9.25 | $9.54 | $9.78 | $10.02 | $10.31 | $10.55 |
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
Last week our 12300 and 12000 targets were achieved. This week a break of 12400 will result in the 12700-12900 zone again while a fall below 11850 will result in 11400. We remain positive on gold and silver this week. Silver traders should invest in silver around 16200 and 15800 this week.
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 Monday, 8 December 2008 | Digg This Article | Source: GoldSeek.com
