-- Posted Tuesday, 20 November 2012 | | Disqus
· Moody's strips France of AAA-rating with one-notch cut.
General market conditions
Safe haven demand for gold and silver got boosted by the France debt rating cut from AAA and tensions between Israel and Hamas. Technicals further came to the rescue for gold and silver bulls. Crude oil is also getting support from Middle East tensions. Gold is also getting support from crude oil. Investment demand will be the key for gold and silver for the rest of the year. Any fall in investment demand will result in a short term bearish phase. We expect Indian silver prices to rise to Rs.96000 by March 2014 and Indian gold prices to rise to Rs.38000 by March 2014. Silver and Platinum are preferred investment options for the next two years but one needs to handle the high volatility associated with these investments. Indian lust for gold will continue. Official Indian gold import numbers do not reflect actual gold consumption. After the custom duty increases over the past year there is huge gold smuggling in India.
Moody's stripped France of its prized triple-A badge yesterday, cutting the sovereign credit rating on Europe's No. 2 economy by one notch to Aa1 from Aaa, citing an uncertain fiscal outlook and deteriorating economy. The Euro/Usd has not fallen by much which suggests that most of this has been factored in by the markets.
COMEX TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT) - current price $89.12
Bullish over $87.60 with $90.50 and $92.20 as price target
Bearish below $85.90 with $83.70 and $80.36 as price target
Break point: $87.60
- Technically crude oil looks headed for $100 as long as it trades over $85
- There will be buyers on dips as long as crude oil trades over $83.00
MCX CRUDE OIL – Prices in Indian rupee
Key long term resistance is at 5049 and only a break of 5049 will result in further gains. As long as crude oil does not break 5049 it will trade in a 4750-5049 range in the next three weeks. Intra day crude oil needs break 4942 for further gains.
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 Tuesday, 20 November 2012 | Digg This Article | Source: GoldSeek.com