-- Posted Thursday, 8 November 2012 | | Disqus
General market conditions
We need to be careful with the way we trade. Days like yesterday can result in huge losses for everyone. After the news of Barack Obama getting reelected as the US president everyone went long in gold and commodities only to get a shock and stop losses getting triggered as gold prices fell like a pack of cards. They recovered later but buy stop losses were triggered and losses incurred. Patience is the need of the hour for jobbers. Moves will come, we just need to find the right trend.
Stock markets and commodity prices fell in tandem on US fiscal issues. Gold performed superbly yesterday. Gold can rise to $2025 before 31st December if the US fiscal issue is unresolved before the close of the year. Copper fell after the European central bank chief said that Germany has been affected by eurozone woes and that it will take a longer time for the eurozone to stabilize growth.
The next ten days are very crucial for all commodities and if they remain in bearish zone after 18th November then commodity bullish could vanish temporarily. I am not giving any views on gold and silver. All I can say is that gold is bullish over $1635 in the medium term and silver is bullish over $2955 in the medium term.
I repeat what I wrote on Monday. There should be no room for losses before Diwali.
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, 8 November 2012 | Digg This Article | Source: GoldSeek.com