-- Posted Thursday, 15 November 2012 | | Disqus
General market conditions
Gold will not rise by much if the US dollar remains firm and stock markets fall. Overall performance of gold and silver has been excellent after the US president elections in view of stock market bear shock which has been received by the investors. Physical demand as well as jewelry demand of gold and silver should fall now in India. People will be waiting for the price fall to buy. The Indian marriage season will start now and will continue till middle of March next year.
The new Chinese leadership will be the key for the global economy as well as global political moves. There are anti-austerity marches in various parts of Europe. Israel air raids on Palestine have resulted in an emergency meeting of the UN security council. UK probes into natural gas price rigging. All these create uncertainty in the minds of investors. Gold flourishes in times of uncertainty.
Trade in the technical and ignore the rest. If global stock markets fall then commodities will not rise by much. Economic numbers from the USA will also affect markets.
COMEX TECHNICAL VIEW
COMEX COPPER DECEMBER 2012 – current price $343.30
Bullish over $341.10 with $352.10 -$358.70 as price target
Bearish below $337.30 with $333.20-$327.50 as price target
Neutral Zone between: $347.30-$342.20
Break point: $348.80
- Copper needs to trade over $342 to be in bullish zone. A daily close below $347 tomorrow will be bearish in short term.
- Key intra day support is at $342
MCX NATURAL GAS NOVEMBER 2012
(prices in Indian rupee below)
Natural gas can rise to 223 and 252 in the short term as long as it trades over 196. Only a daily close below 196 for three consecutive days will result in a bearish phase.
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, 15 November 2012 | Digg This Article
| Source: GoldSeek.com
