-- Posted Friday, 16 November 2012 | | Disqus
General market conditions
We need to look at the developments between Israel and Palestine seriously unlike other political events in the Middle East. Weekly unemployment claims from the USA suggest the hurricane effect but they are not as bad as anticipated by the markets. The Eurozone is nearing a recession but whether it will recover will be known only in December. There is speculation that the opposition could win the Japanese elections next month which could result in more monetary easing by the bank of Japan. Global central bankers believe that monetary easing is just the way forward for higher growth. These are short term gain and long term pain measures for the global economy.
Next week is the “Thanksgiving” week. US retail sales next week will be the key. If they disappoint then one should expect more quantitative easing by the Federal Reserve. Hurricane sandy effect will be felt on Thanksgiving sales which could be below expectations. Gold and silver are in a neutral zone.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1713.70
Gold should consolidate in a $1680-$1765 wider range in the short term. A break of either of these prices will result in further moves.
MCX GOLD DECEMBER 2012
(Prices in Indian rupee below)
In the short term gold needs to break 32330 or fall below 30800 for direction. As long as gold does not break 32330 it will consolidate in a 30800-32330 range. Volatility in Indian rupee (usd/inr) will only increase gold price fluctuation.
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 Friday, 16 November 2012 | Digg This Article | Source: GoldSeek.com