-- Posted Thursday, 29 November 2012 | | Disqus
General market conditions
Speculation that the US fiscal cliff issue could be resolved resulted in gold and silver paring most of their losses. There will be big moves like yesterday triggering all stop losses as long as the US fiscal issue is not formally resolved. Greece issue is now temporarily over. Focus will shift to the global economy for the next three weeks after which traders will go to Christmas vacations. US December nonfarm payrolls next Friday will be the key. December’s European central bank meeting and the Bank of England meeting will tell us whether they will officially print more money or not for the speculators.
Option traders can buy June copper call options and crude oil call options with a strike price of $425 and $115. We expect comex copper price to rise to $425 by June 2013 and Nymex crude oil prices to test a minimum of $115 by June 2013.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2012 – current price $3376.00
Bullish over $3376 with $3478-3794 as price target
Bearish below $3318 with $3256- $3196 as price target
Neutral Zone between: $3318-$3376
Break point: $3376
- $3303 is the key support and silver can rise to $3476 as long as it trades over $3303
- There will be sellers only below $3303.
MCX NICKEL DECEMBER – all prices in Indian rupees below
Nickel can rise to Rs.1225 by end January as long as it trades over Rs.850. In 2013 we expect MCX Nickel prices to rise to Rs.1500. Long term Nickel investors should invest in Nickel with a stop loss below Rs.750.
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, 29 November 2012 | Digg This Article | Source: GoldSeek.com