Gold, copper and crude oil are trading over their fifty two week lows and are nearing the 100 day moving average. The medium term bearishness in gold and silver will emerge once they trade below the fifty two week lows. As long as fifty two week lows hold, sharp dips should be used as a buying opportunity.

A break of the 100 day MA’s for gold, silver and crude oil will result in a further three percent rise very quickly. Intra day volatility will rise as gold nears $1632 and silver nears $2915.

Physical demand of gold and silver in India will fall once Eid get over. Thereafter people will wait for price falls and buy gold and silver for the festive season which is in October and November.

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2012 – current price $1614.20

Trading Strategy: Watch $1616

Bullish over $1608 with $1626 and $1644 price target

Bearish below $1604 with $1594 and $1582 as price target

Neutral Zone between $1604-$1608

Break point: $1614.60

• Gold needs to trade over $1609.80 to target $1632. On the lower side $1598 is the key support
• Trading call: Buy at $1604 stop loss $1594 target $1626-$1638

COMEX SILVER SEPTEMBER 2012 – current price $2799.50

Trading Strategy: Watch $2815

Bullish over $2758 with $2805-$2870 as price target

Bearish below $2725 with $2695 - $2590 as price target

Neutral Zone between: $2725-$2758

Break point: $2825

• Silver can rise to $2960 as long as it trades over $2758.
• There will be buyers on dips as long as silver trades over $2748
• Trading call: Buy at $2740 stop loss $2720 target $2845-$2915

MCX GOLD OCTOBER 2012

(prices in Indian rupees below)

Bullish over 29840 with 29970-30110 as price target

Bearish below 29780 with 29666-29473 as price target

Neutral Zone: 29780-29840

BREAK POINT: - 29840

·         Gold needs to break 30160 by next week else it will fall to 29460 and 29120.

·         There will be buyers only over 29840

·         We prefer to buy only if gold trades over 29800 today for 29900-30030

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.

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT

COMEX GOLD – $15-$17

COMEX SILVER: $25-$30

COMEX COPPER: $3

NYMEX CRUDE OIL: $0.60

SPOT SILVER: $0.25

SPOT GOLD: $15-$17

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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-- Posted Wednesday, 8 August 2012 | Digg This Article