-- Posted Thursday, 18 October 2012 | | Disqus
Executive Summary
· U.S. housing starts hit four-year high at 872,000
General market conditions
Incoming data so far in October has beaten all street expectations. US housing starts are at a four year high. If the US economy is strong then fundamentally safe haven demand should reduce and gold and silver should fall. However higher gold investment demand at lower prices and central bank accumulation of gold is preventing prices from a fall. The fight between gold bearish fundamentals and bullish investment demand factor will increase intra day volatility. Despite, the bullish trend we prefer to be cautious on gold and silver for the short term. Medium term traders to long term traders should hold on to their gold and silver investments.
China's economy slowed for a seventh straight quarter in July-September, missing the government's target for the first time since the depths of the global financial crisis. Base metals will be choppy between slower Chinese growth and a firm US economy.
Physical demand and jewelry in gold and silver is good in India this week. This is preventing prices from a fall. Better to trade in technical and ignore the rest.
Other things in word
Foxconn Technology Group, the world's largest contract electronics maker, has acknowledged hiring teenagers as young as 14 in a Chinese factory, in breach of national law, in a case that raises further questions over its student intern programme.
Our View: A small leak into way and means of how Chinese manufacturers reduce cost and threaten global manufacturing. If other nations use under age labor they are scorned and their products banned. The Foxconn case reflects that the USA has double standards in dealing with nations.
India
After Kejriwal, it is Ashok Khemka who is breaking news on haryana land scam. Some years back there as Hardev Singh Bawa as the head of Ghaziabad development authority. He had used bull dozers in all illegal constructions in Ghaziabad as soon as he became the head of Ghaziabad development authority. In less than six months he was transferred. There are lots of Ashok Khemka in the Indian Administrative Service (IAS) who never bow to the whims and fancies of politicians and wherever they are posted for the short time they clean away the bureaucratic hurdles created by the law and clean that government. (Ghaziabad is just bordering the Indian capital Delhi). Indians should salute such IAS officers.
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Trading strategy for the very large traders and high risk traders
COMEX GOLD DECEMBER: Watch $1744 and be long as gold trades over $1748
COMEX SILVER DECEMBER: Buy on dips withy a stop loss below $3230
COMEX COPPER DECEMBER: Buy on dips with a stop loss below $367
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, 18 October 2012 | Digg This Article
| Source: GoldSeek.com
