-- Posted Friday, 17 August 2012 | | Disqus
Executive Summary
· Angela Merkel’s voiced support for the European Central Bank's efforts to contain the debt crisis in the euro zone has resulted in gains for the euro.
· The rise in gold and silver has been aided from a stronger euro apart from technical.
Economic news from the USA, UK and Europe has been encouraging which has resulted in firmness in commodity prices and a weaker US dollar. Today and Monday are the best days for gold to break past $1637 for $1690 and silver to break past $2860 for $2930-$3150. I am optimistic however if this does not happen then there will be another wave of selling.
The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, according to a source with knowledge of the situation. Release of crude oil from strategic reserves will only have a temporary dampener to crude oil prices and will be nothing but a long term investment opportunity.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1618.20
Trading Strategy: Watch $1622
Bullish over $1612 with $1632 and $1647 price target
Bearish below $1606 with $1599.50 and $1588 as price target
Neutral Zone between $1606-$1612
Break point: $1621.00
- Today and Monday are the best days for gold to break past $1632 for $1667. On the lower side as long as gold trades over $1599-$1606 downside risk will be limited.
- Trading call: Sell at $1637 stop loss $1647 target $1609-$1594 (if the stop loss is hit then buy for $1662-$1696)
MCX LEAD AUGUST
(Al prices in Indian rupees below)
Bullish over 104.50 with 105.20-106.60 as price target
Bearish below 103.80 with 102.50-100.80 as price target
BREAK POINT: 104.50
- 103 price target achieved. Lead needs to trade over 103 today to target 104.50-106
- There will be buyers on dips as long as lead trades over 103.
- Short term investors buy lead September at 102 and more at 99 stop loss 94 target 107.60-112.20 (till end September)
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 Friday, 17 August 2012 | Digg This Article
| Source: GoldSeek.com
