-- Posted Monday, 15 October 2012 | | Disqus
General market conditions
US economic numbers released so far in October show a bright future prospect and have beaten street expectations. Traders and investors are cautious and have not yet jumped into the positive bandwagon. Chinese export and import September numbers are not as bad as has been factored in by the markets. This can result in more losses for gold and silver in the short term. Technically gold and silver are mildly bearish after repeated failures to break past $1800 and $35.50 in the past two weeks.
Gold jewelry demand as well as gold investment demand in India will rise with the advent of month long festive season from tomorrow. . We have the Navratas, then Bakr Eid and followed by Diwali. There will be a huge gold demand in India as long as physical prices trade over Rs.30500 per ten grams. After a long period of time Indian jewelers for once will be very busy in their shops.
COMEX TECHNICAL VIEW
COMEX COPPER DECEMBER 2012 – current price $373.95
Bullish over $373.80 with $380.40 -$390.80 as price target
Bearish below $363.45 with $360.10-$350.60 as price target
Neutral Zone between: $363.45-$373.40
Break point: $373.80
- Copper is consolidating in $363-$380 wider range. This range will be broken soon and a new range will be formed.
- There are two scenarios (A) Failure to break $390 in the next two weeks will result in a fall to $353 before the next leg higher (B) A daily close over $390 for two consecutive days will result in $403
MCX COPPER NOVEMBER (all prices in Indian rupees below)
There are a lot of queries on what to with a long position in MCX copper over 342. The key long term support is at 427 and only a daily close below 427 for three consecutive days will result in a fall to 414 and 402. I would prefer to exit on any rise to 439-441 or use a trailing stop loss of 426 and forget. For MCX copper to be in bullish trend it needs a daily close over 439.
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 Monday, 15 October 2012 | Digg This Article | Source: GoldSeek.com