-- Posted Thursday, 18 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 | $862.80 | -0.50 | 3.61 | $880.95 | $847.70 | $818.16 | $777.07 | $807.59 | $853.75 | $870.00 |
SPOT SILVER | $11.29 | -0.70 | -23.41 | $11.50 | $10.91 | $10.47 | $9.91 | $11.49 | $10.98 | |
Yesterday
Gold rose on the back of a weaker US dollar and technical buying. Silver rose on an increase in demand. Premiums in silver bars were around Rs.200 over cost in Maharashtra and other silver centers.
Indian Rupee
The rupee has managed to hold on to the key technical support of 47.00 yesterday and weakened towards the close. The rupee will be volatile today. Importers were seen covering their short term payables while there were sellers on the rise. Traders should cover their weekly payables as long as the rupee holds 47.00. A daily close below 47.00 for three consecutive days will result in 45.50. There is no major news today.
TODAY
Technically gold and silver are bullish. However one needs to be cautious while going long at higher prices. We prefer a buy on sharp dips strategy as long as key technical supports are holding.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$824.30 | $834.80 | $839.20 | $853.40 | $873.20 | $889.20 | $905.10 | $938.65 |
$866 price target achieved. Gold need to break $890-$900 zone by next week or else it will fall to $849 and $830 once again
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$10.39 | $10.63 | $10.85 | $11.08 | $11.60 | $12.15 | $13.03 | $13.78 |
Silver targets $11.65 and $12.20 as long as it holds $10.85. Intra day we prefer to buy silver on a break of $11.65 or wait for a correction to $11.08 and $10.85.
PHYSICAL GOLD AND SILVER – INDIAN RUPEE TERMS
13100 price target achieved for gold. Gold now needs to break the 13500-13800 zone by next week or else it will fall to 12600 and below. Silver is bullish over 17600. As long as silver holds 17600 it will target 19300 in the short term.
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, 18 December 2008 | Digg This Article | Source: GoldSeek.com
