-- Posted Thursday, 23 August 2012 | | Disqus
Gold, silver and copper rose on speculation that central banks in the U.S. and China will ease monetary policy to boost their economies. Minutes of the U.S. Federal Reserve’s last meeting showed many members favored more stimulus unless the pace of the economic recovery picks up. The People’s Bank of China GovernorZhou Xiaochuan said adjustments to interest rates and banks’ reserve requirements are still possible after the central bank stepped up temporary cash injections this month.
QE3 is the key for gold and silver. This looms almost certain for now. Technically all commodities should rise further today.
COMEX TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT) - current price $97.74
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
MCX CRUDE OIL
(All prices in Indian rupees below)
Bullish over 5355 with 5417-5525 as price target
Bearish below 5320 with 5255-5190 as price target
Neutral Zone: 5320-5355
BREAK POINT: - 5380
- Crude oil can rise to 5425-5525 as long as it trades over 5330
- There will be sellers only below 5330
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 Thursday, 23 August 2012 | Digg This Article | Source: GoldSeek.com