-- Posted Friday, 29 July 2011 | | Disqus
HSBC plans to cut 10,000 jobs world wide while Credit Suisse plans to cut 2,000 jobs. I hope this is not the beginning of a new round of job cuts by the financial service sector. A US debt default will have ramifications on financials as it will be followed by reduced volumes and reduced turnover on US treasuries. There can be a reduction in the US treasury trading team which can lead to more layoffs in the coming weeks by hedge funds and other fund managers. Lay offs are always bad for any economy unless those laid off are quickly absorbed in other sectors. Bullion will continue to command safe haven status.
TODAY
Yesterday’s fall in gold and silver was short lived. Copper rose on technical break out. The stalemate over US debt issue continues which implies that the firm trend in gold and silver will continue. Traders will prefer to go long on the weekend. No one will go short unless the deadlock is over.
COMEX SILVER SEPTEMBER
Bullish over $3980 with $4120 and $4310 as price target
Bearish below $3930 with $3825 and 3740 price target
Neutral Zone between: $3930-$3980
- $4075 is the key support and silver needs to break and trade over $4075 to target $4245+
- Trading call: Buy over $4075 for $4155 and $4244 OR sell below $3990 for $3930 and $3868
- Limit Order: Sell around $4315 stop loss over $4415 price target $4075 and $3825
MCX SILVER SEPTEMBER
Bullish over 59400 with 60100 and 61343 as price target
Bearish below 58800 with 58067 and 57440 as price target
Neutral Zone: 58800-59400
- 58400 is the key support and silver needs to trade over 58400 to target 60100 and 61900
- There will buyers on dips as long as silver trades over 58000
- Momentum call: Sell below 58400 for 58000-57400 OR buy over 58900 for 59500-60500
- Limit order: Sell around 63500 stop loss over 64600
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
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-- Posted Friday, 29 July 2011 | Digg This Article
| Source: GoldSeek.com
