-- Posted Thursday, 6 December 2012 | | Disqus
· U.S. adds 118,000 private-sector jobs in Nov
General market conditions
The US economy in November has beaten street expectations with services and factory orders beating street expectations. The rise in the US economy has resulted in reduction in net long positions in gold or profit taking whichever way one might assume. Silver is still firm on expectations that higher global growth next year will increase its demand in factories and elsewhere. The US economy will be the key for gold and silver and if there are any signs that the US will not be able to maintain the current rate of growth then gold, silver and other safe havens will zoom. Base metals will also track global economy and should remain firm.
Buying June 2013 call options for a strike price of $2125 could be one of the better investment strategies. We need to wait for a larger silver price fall to buy June call options. Lots of economic data are there from Europe and USA are there today and tomorrow plus there is the last central bank meetings of the year in Europe. There can be a directional change in commodity markets and the US dollar. Trade carefully.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1694.80
- 200 day moving average at $1665 is the key support and gold needs to trade over the 200 day MA to be in short term bullish zone.
- There will be a technical break down below $1665 to $1585
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, 6 December 2012 | Digg This Article | Source: GoldSeek.com