-- Posted Wednesday, 7 November 2012 | | Disqus
General market conditions
All eyes will be on who becomes the US president. The rise in gold and silver prices yesterday suggests that Barack Obama could win the US presidential race. I will not comment much on gold and silver as we need to wait for the final results before giving a view. Base metals and energies are also bullish. Intra day volatility will rise when the elections results are declared. Trade carefully.
Energy prices should now zoom as prices have been kept lower by the fund managers on indirect intervention by Barack Obama and his allies. Physical demand as jewelry demand of gold and silver will fall as prices have risen over Rs.500 since yesterday.
Tomorrow the European central bank meeting will be the key. News flows from all across the world will now start to flow as the king of the globe will be known soon.
COMEX TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT) - current price $88.25
Bullish over $86.80 with $90.50 and $95.50 as price target
Bearish below $83.20 with $81.20 and $80.36 as price target
Break point: $88.90
- The technical correction in crude oil is over and it can rise to $92.20-$103.10 in short term as long as it trades over $83
- There will be buyers on dips as long as crude oil trades over $83.00
MCX CRUDE OIL – all prices in Indian rupee below
It needs to trade over 4747 to target 5008. Only a daily close below 4747 will start a bearish zone.
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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
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
Customer care: 9311139549
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
-- Posted Wednesday, 7 November 2012 | Digg This Article | Source: GoldSeek.com