-- Posted Thursday, 11 October 2012 | | Disqus
General market conditions
Gold, silver, copper and crude oil have performed very well despite US dollar gains and the stock market’s fall. Investor sentiment has turned cautious on global growth warnings. The inability of quantitative easing three (by the federal reserve) to give a very sharp rise to commodities and equity markets (other than Asia) can result some three percent to four percent correction first before the next leg higher. Short term dips should be used to invest for the long term in commodities and equity markets.
Turkish F-16 jets forced a passenger plane traveling from Moscow to Damascus to land yesterday after intelligence reports said it was carrying cargo banned by civil aviation rules. The developments in Syria will be closely watched for the next month. Iran could be facing an economic crisis like North Korea due to trade sanctions. It remains to be seen how Iran reacts to its economic crisis. Gold demand in the Middle East will only rise.
Global economic numbers from various countries and news on Spain and Greece will affect intra day price moves.
COMEX TECHNICAL VIEW
COMEX COPPER DECEMBER 2012 – current price $369.45
Bullish over $377.10 with $382.50 -$396.40 as price target
Bearish below $373.80 with $367.90-$359.80 as price target
Neutral Zone between: $373.80-$377.10
Break point: $373.50
- Copper needs to trade over $373.50 to target $386.
- There will be sellers on rise as long as copper does not break $377
MCX ZINC NICKEL OCTOBER 2012
(All prices in Indian rupees below)
There is a double top formation around 989 which suggests that Nickel can fall to 917.90 and 880 if it fails to break 989 for the rest of the month. Intra day Nickel needs to trade over 937.60 to target 967.80
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 Thursday, 11 October 2012 | Digg This Article | Source: GoldSeek.com