-- Posted Tuesday, 27 November 2012 | | Disqus
· Gold needs to trade over $1755 for further gains
· Silver needs to break $3478 for further gains
General market conditions
European finance ministers cut Greece’s interest rates and gave it more time to pay back rescue loans while dismissing for now calls for debt relief that may be needed to keep the country afloat over the longer term. Greece has been given the aid it needs and it will be short term gains for the euro against the US dollar and other major currencies but in 2013 Greece, Italy and others will resurface and that can result in sharp losses for the euro. We expect the euro/usd to fall to 1.1800 after June 2013. The reason is that the US economy will outperform the eurozone on growth while lack of unity among eurozone members on providing a long term solution to eurozone woes will result in an advantage for the greenback. Eurozone woes will also be bullish for gold and silver.
Current US economic numbers suggest that next week’s US November nonfarm payrolls will be very good which if it disappoints will be very bullish for gold other safe havens. It can also result in more monetary easing by the Federal Reserve.
Trade in the technical and ignore the rest.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1750.00
Bullish over $1739 with $1776.00 and $1793.00 price target
Bearish below $1722 with $1715.10 and $1695.40 as price target
Neutral Zone between $1722.00-$1728
Break point: $1763.20
- Gold needs to trade over $1755 for $1767-$1796
- There will be a technical break down only below $1739.
MCX ZINC DECEMBER – ALL PRICES IN INDIAN RUPEES
Key long term resistance is at 115.00 and as in case zinc does not break 115.00 in December then it will fall back to 103 and 98. Intraday zinc needs to trade over 109 to target 112-113. There will be buyers on dips as long as zinc trades over 107.
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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Posted Tuesday, 27 November 2012 | Digg This Article
| Source: GoldSeek.com
