-- Posted Wednesday, 22 August 2012 | | Disqus
Executive Summary
· Greece news will be the key
The rise in gold and silver prices is mainly due to the rise in the euro against the US dollar and other major currencies. This has resulted in a technical break out and further contributed to the price rise. The euro is gaining on expectation of some solution on Greece and Spain on Thursday and the weekend. We believe that gold and silver can form a short term top between Thursday and Friday. Thereafter it will be dependent on news from the eurozone.
Whenever fundamentals take over technicals base metals and energies will pare all of their last fortnights gains.
COMEX TECHNICAL VIEW
COMEX COPPER SEPTEMBER 2012 – current price $344.10
Trading Strategy: Watch $349.10
Bullish over $342 with $339 -$367 as price target
Bearish below $339 with $334.80-$329.10 as price target
Neutral Zone between: $339-$342
Break point: $345.80
- Copper needs to break $349-$355 zone for $387
- There will be sellers only below $343
- Trading call: Buy at $338 stop loss $333 target $349-$359
NYMEX CRUDE OIL (1ST CONTRACT) - current price $96.85
Bullish over $95.20 with $99.20 and $101.80 as price target
Bearish below $93.80 with $90.30 and $87.60 as price target
Break point: $97.20
- A consolidated break of $101.80 will result in $103.80-$107.20
- There will be sellers only below $95.50
- Trading call: Sell at $100.50 stop loss $102.20 target $95.50-$92.70
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, 22 August 2012 | Digg This Article | Source: GoldSeek.com