-- Posted Tuesday, 11 December 2012 | | Disqus
General market conditions
The Italian political crisis has been just what the gold and silver bulls were looking for apart from the Federal Reserve meeting this week. Bank of England Governor Mervyn King said the Group of 20 nations must revive efforts to address global imbalances or more countries may start using exchange rates as their key tool for monetary policy. This is an indirect aim at China and no one else which will not have any impact on currency market. These are just words which will never be followed by actions.
The focus of the markets will be on the US fiscal cliff and the Fed meeting. Both of these will be over in the next two weeks hopefully. The dilemma which the traders will face after the next two weeks is what to focus on and the trading strategy between Christmas till middle of January. The US economy and the global economy will remain in focus all the time. I will be focusing on “Barack Obama second terms team members”. Whether Hillary Clinton and other current team of Barack Obama will be there in his second term or will there be any new faces. New team members imply new ideas and new policies shift (whether good for the USA or bad for the USA only time will tell). Guess on new faces in “Barack Obama second terms team members” will prevent gold, silver and other safe havens from falling.
COMEX TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT) - current price $85.60
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: $85.50
- Crude oil looks marginally bearish to me after repeated failures to trade over $90.00
- The recent consolidation phase of $83-$91 will be broken soon and a new range will be formed.
MCX CRUDE OIL (1ST CONTRACT) - current price 4700
Rs.4654 is the key support and there will be a technical break down only below Rs.4654. As long as crude oil trades over Rs.4654 it will rise to Rs.4800-Rs.4900. Technically crude oil is bearish as long as it does not break Rs.4780.
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 Tuesday, 11 December 2012 | Digg This Article | Source: GoldSeek.com