-- Posted Wednesday, 5 December 2012 | | Disqus
General market conditions
The US fiscal cliff issue will be resolved later than sooner. American politicians are nationalists and do everything in US interests. Do not get confused by every now and then on news of handling US cliff issues. The US politicians will not let traders take an extra leave before Christmas but we need not lose sleep on this issue. Do your intraday with a short term direction so that in case your position gets stuck you need not worry and you can hold on to the your open position for a week. But trade in fewer lots and have higher margin. Volatility is so high that small margins are useless.
Focus on global economic news and interest rate sensitive news apart from technical to make the most of the markets. Base and energies should rise further. The Bank of England meeting and the European central bank meeting tomorrow will be relevant only if they comment on further issuance of bond purchases. US private ADP numbers will give a sense of what’s in store on Friday.
Physical demand for gold and silver in India should zoom today.
Be prepared for very big one way moves in crude oil as a consolidated break $90.50 can result $98-$103 being tested in the short term.
MCX COPPER 2013 FORECAST
We remain bullish in copper in 2013. However LME copper 3 months will find it difficult to break past $10500 per tonne. We expect a wide trading range of Rs.350-Rs.525 range in 2013. The Rupee is expected to gain in a big way from July 2013 which will prevent big gains in copper. We maintain Rs.525 as the price target for copper. However we are against investing in MCX copper for 2013 at the current price of 447.
Bullish over $1696.00 with $1713.00 and $1736.00 price target
Bearish below $1685 with $1676.40 and $1665.00 as price target
Neutral Zone between $1685.00-$1696.00
Break point: $1701.00
- Gold can rise to $1722-$1736 as long as it trades over $1690. There will be a technical break down only below $1685
- We prefer a buy on dips strategy as long as gold trades over $1660 for the rest of the week.
- Only a daily close below $1690 on Friday will result in a short term bearish trend for gold else dips are a medium term investing opportunity.
COMEX SILVER MARCH 2013 – current price $3293.00
Bullish over $3318 with $3478-3559 as price target
Bearish below $3263 with $3214- $3148 as price target
Neutral Zone between: $3263-$3318
Break point: $3304
- Silver needs to trade over $3304 to target $3400-$3400. There will be a technical break down below $3263 only.
- We prefer to invest in silver on any $125-$175 dip (if any) for the short term.
COMEX COPPER MARCH 2013 – current price $363.65
Bullish over $358.10 with $369.80 -$383.20 as price target
Bearish below $355.00 with $351.10-$347.80 as price target
Neutral Zone between: $355.00-$358.10
Break point: $362.10
- Copper can rise to $369-$384 as long as it trades over $355
- Key intra day support is at $355
NYMEX CRUDE OIL (1ST CONTRACT) - current price $88.53
Bullish over $86.90 with $90.50 and $92.20 as price target
Bearish below $85.40 with $84.20 and $82.30 as price target
Break point: $88.80
- Crude oil can rise to $91.15 and $93.10 this week as long as it trades over $86.00
- There will be buyers on dips as long as crude oil trades over $85.00
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, 5 December 2012 | Digg This Article
| Source: GoldSeek.com
