-- Posted Wednesday, 21 November 2012 | | Disqus
· Tomorrow US markets are closed on “Thanksgiving”, electronic trade is open.
General market conditions
This is just a consolidation phase before the next big move in gold. Silver needs to trade over $3300 to be in a bullish zone. Federal Reserve chairman asked US politicians to resolve the US fiscal cliff and also asked them to address the long term budget situation. He also said that the US economy could have lost some of the current fizz. News from the USA, the Middle East and Europe will dictate the markets.
There will be position squaring and rebuilding before thanksgiving vacations and there is also December future expiry next week. Intra day volatility will rise before the same. The Euro/usd needs to trade over 1.2830 to target 1.2930-1.3100. The recent consolidation phase of the euro/usd between 1.2700-1.2850 will be over by Monday and a new range will be formed. The performance of the US economy in November will be the key as it will tell us how it has performed under a hurricane. A sustained US economic growth will be short term bearish for safe havens.
COMEX TECHNICAL VIEW
COMEX COPPER DECEMBER 2012 – current price $351.150
As long as copper trades over $337 the chances of $396-$425 are higher over the next few months.
MCX COPPER
MCX copper can rise to Rs.447-Rs.460 in by end December as long as it trades over Rs.409.
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 Wednesday, 21 November 2012 | Digg This Article | Source: GoldSeek.com