-- Posted Tuesday, 6 November 2012 | | Disqus
General market conditions
There will now be a fight between long term bulls and short term bears in gold and silver. Copper and other base metals should bottom out soon. We have the US presidential elections today and by tomorrow morning we will come to know who will rein the world for the next four years. Those who are sitting on cash will take positions soon which should boost stocks and commodities. The next three days could be very crucial for commodities and the US dollar. Euro/usd needs to trade over 1.2800 to be in a long term bullish zone. In case the euro/usd trades below 1.2800 on Friday then the chances of 1.2325 will be high in the short term.
In the long term Indian physical gold prices need to price below Rs.29700 per ten grams to be in a bearish zone. As long as physical gold trades over Rs.29700 it will trade in a Rs.29700 and Rs.32500 wider range.
Trade carefully in the next three days as we also have the European central bank meeting on Thursday. There is not much significant news flow from Europe at the moment. News from the eurozone will start to come out after the European central bank meets. Spain and Greece could be bailed out further.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2012 – current price $3116.50
The long term support is at $2860 as long as silver trades over $2860 for the rest of the year the chances of $3730 are higher. I will prefer to remain silent on the near term till a few event risks are over.
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 Tuesday, 6 November 2012 | Digg This Article
| Source: GoldSeek.com
