-- Posted Monday, 1 October 2012 | | Disqus
The US dollar bears and gold, silver, copper and crude oil bulls should face some serious resistance this week. We have the US September non farm payrolls this week. A bad number will not have any significant impact on the markets. A good number could change everything and will make investors rethink whether or not the Federal Reserve’s quantitative easing program announced last month was really justified.
The last quarter is history now. We need to focus on this quarter. Base metals are getting support from expectation that China will unleash a slew of measures to increase growth. This has given base metals bulls an edge over the bears. Despite the technical bullishness in base metals I am still not convinced to go long owing to weak fundamentals. Precious metals are bullish this quarter and there is not even one percent doubt over the same. However one just needs to judge the pace of the rise and not the rise.
Trade carefully this week. It may not be a one way week. Be prepared for big moves and starts of a new price wave in gold, silver, copper and crude oil.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1767.10
Trading Strategy: Sell only if trades below $1764
Bullish over $1764 with $1777 and $1796 price target
Bearish below $1758.30 with $1747 and $1732.20 as price target
Neutral Zone between $1758.30-1764
Break point: $1764.40
- Gold needs to trade over $1764.40 to target $1787.
- There will be sellers only below $1764.40
- Trading call: No Call
MCX GOLD DECEMBER 2012
(all prices in Indian rupees below)
Bullish over 31636 with 31936-32125 as price target
Bearish below 31539 with 31330-31073 as price target
Neutral Zone: 31539-31636
BREAK POINT: - 31539
· 31539 is the key support and gold needs to trade over 31539 to target 31850
· There will be sellers only below 31539
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. Prepared by Chintan Karnani
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.
Trade without emotions & Have a great weekend.
"Print this report only if absolutely necessary. Save Paper. Save Trees."
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 Monday, 1 October 2012 | Digg This Article
| Source: GoldSeek.com
