-- Posted Friday, 5 October 2012 | | Disqus
COMEX DAILY REPORT
General market conditions
All eyes are on the US September non farm payrolls. I have my doubts whether it will have any significant impact on commodities. Most of the bad news on the US economy and easing has been priced in by the markets. Technically also, gold, silver, copper and crude are all bullish. The key major central bank risk is over after the European central bank and bank of England meeting. Today US September payrolls will be out. News and developments from Europe, China and geopolitical risk will affect investors’ minds for the rest of October from Monday. Euro/usd has a double bottom around 1.2830 which suggests that it can rise to 1.3500 and 1.4200 in the short term if it is able to trade over 1.2830 for the whole of next week.
Singapore and Gold Trading
Singapore state is scrapping a 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich, where value-added taxes don't apply to the investment-grade gold trade. Singapore, touting its image as a safe, stable and few-questions-asked haven for investors, is hoping to store an increasing amount of that gold and silver. Following the tax exemption, Singapore is aiming for a 10%-15% share of global gold demand within five to 10 years, up from around 2% now.
Our View: The message is very clear that gold investment demand should rise further and that gold prices should also rise. Nobody invests in a bear market. Gold is hyper bullish.
Indian Rupee and Commodities
The Indian rupee looks headed for Rs.45.00 (against the US dollar) over the next twelve months if the UPA government is able to hold to power and pass the higher foreign direct investment limits in the parliament. The FDI measures are announced but not yet passed by the parliament. There is no legal stamp of the announced higher FDI measures. We need to trade with caution over the currency gains. India is also buoyed by positive global sentiment. Even the global commodity prices zoom, commodities traded in MCX could fall or gains will be very small. This has happened with Indian gold prices in the last fortnight and the trend could continue into next week.
TODAY
Technically all commodities are bullish. A weekly close over $1796 today should result in $1930 and $2025 in short term. Silver should rise to $40.00 if it closes over $35.00 today.
COMEX SILVER DECEMBER 2012 – current price $3512.0
Comex silver can rise to $3840 in short term as long as it trades over $3330. There will be a technical break down only below $3330.
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.
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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, 5 October 2012 | Digg This Article
| Source: GoldSeek.com
