-- Posted Monday, 17 December 2012 | | Disqus
· Germany rebuff calls for more EU risk taking on Greece debt – positive for gold in 2013
General market conditions
The US fiscal cliff issue will be the key for markets. I am not looking too seriously into the US fiscal cliff issue and am rather focusing on incoming economic numbers from the USA, Europe and China. If incoming US economic numbers are bad then gold and silver demand will rise further. Gold and silver are in a consolidation phase and not in a bear zone. A bear zone will be there if gold remains below $1669 for more than a week. As long as gold trades over $1660 we would prefer a buy on sharp dips strategy. People over the world expect gold prices to rise $2-$3 per day which has not been the case and some of them panic and off load their gold holdings. Day traders and jobbers can trade in whichever way they like but for investments between six months and two years horizon, I would suggest that one should hold onto their investments and invest more in case gold prices fall to $1580 and $1480 next year.
I have been a silver bull ever since I started knowing silver and analyzing silver and will be a silver bull in 2013 and further years. Returns by investing in “silver futures” has lagged gold over the past two years. All this will change in 2013. For me silver is a bigger long term money opportunity than gold. I always prefer to invest in physical silver for the long term but am against investing for the short term in silver futures. Investing in silver for the short term has far greater risk than a zero risk for long term physical silver investing. Here long term is a period of more than five years.
Base metals will fall if and only if there yearend profit taking. Trade in the technical.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1692.90
Bullish over $1700.00 with $1709.90 and $1728.00 price target
Bearish below $1695 with $1685.50 and $1672.00 as price target
Neutral Zone between $1695.00-$1700.00
- Overall trend is bearish as long as gold trades below $1706.
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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Posted Monday, 17 December 2012 | Digg This Article
| Source: GoldSeek.com
