-- Posted Friday, 24 August 2012 | | Disqus
Executive Summary
· Fundamentally base metals and energies are bearish
· Watch for signs of weekend profit taking
This has been spectacular week for gold, silver and Nickel. There can be profit taking any time. Fundamentally there is no reason for base metals and energies to rise as Europe, UK and china are in a slowdown mode. Base metals will fall if and when fundamentals take over technical. Gold and silver are being driven also by safe haven demand and can have a correction if there is not safe have demand. This week’s rise has reinstated gold and silver bulls. There will be buyers on sharp dips in gold and silver.
Spain is in talks with eurozone members for aid. We prefer to go short in the euro at the current prices. A stronger dollar will pull down all commodities further. News from Europe will be the key.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1669.20
Bullish over $1662 with $1679 and $1691 price target
Bearish below $1652 with $1642 and $1632 as price target
Neutral Zone between $1652-$1662
- Gold needs to trade over $1650 to target $1732
- On the lower side as long as $1650 holds downside risk will be limited.
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, 24 August 2012 | Digg This Article
| Source: GoldSeek.com
