-- Posted Wednesday, 5 September 2012 | | Disqus
Mario Draghi provided European bond markets with another dose of verbal intervention by reportedly indicating the ECB could buy bonds with maturities of up to three years without violating its charter, fueling a massive rally by short-dated Spanish and Italian government debt. I prefer to remain short on euro/usd in the short term.
It remains to be seen how the Obama administration ensures that energy prices do not zoom after the third round of monetary easing. Higher energy prices will erode all the gains by QE3 and will weaken Obama’s quest for a second term.
Trade in the momentum and buy on sharp dips but keep on booking profit as long as gold does not break the $1715-$1735 zone and silver does not break $33.00
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1695.10
Trading Strategy: watch $1701
Bullish over $1688 with $1732 and $1776 price target
Bearish below $1679 with $1662 and $1648 as price target
Neutral Zone between $1679-$1688
Break point: $1701.20
- Gold can rise to $1732 as long as it trades over $1688
- There will be buyers on dips as long as gold trades over $1680
- Trading call: No call
MCX GOLD OCTOBER 2012
(PRICES IN INDIAN RUPEES)
Bullish over 31360 with 31570-31790 as price target
Bearish below 31240 with 31155-30955 as price target
Neutral Zone: 31240-31360
BREAK POINT: - 31417
· Today gold needs to trade over 31400 to target 31612-31790.
· There will be sellers only below 31400
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, 5 September 2012 | Digg This Article | Source: GoldSeek.com