-- Posted Friday, 7 December 2012 | | Disqus
· US November nonfarm payrolls are the key.
· The federal reserve meeting next week will add to volatility
General market conditions
Technically gold and silver seems to have formed a short term bottom after the European central bank chief indicated of more interest rate cuts next year. All the good news on US nonfarm payrolls has been factored in by the markets and if the numbers come in below street expectations then gold and silver could see another wave of rise. Base metals and energies fell on gains in the US dollar. Next week we have the FOMC meet which can give us a peek into the Federal Reserve policy for next year. Once the nonfarm payroll numbers are out traders will start taking positions for the FOMC meeting.
The US fiscal cliff should be resolved in the next two weeks (hopefully) which should be bullish for equities and as well commodities.
SPOT SILVER FORECAST FOR 2013
Silver can rise to $49.24 and $56.95 in 2013 as long as it trades over $22.50. Volatility will be very high just like 2012. Silver has a historical tendency of consolidating for a few years after a big fall (Like in 2010-2011) before the next big Bull Run. We expect 2013 to belong to silver. The only risk to my bullish view on silver is a sustained recession in the global economy.
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 Friday, 7 December 2012 | Digg This Article
| Source: GoldSeek.com
