-- Posted Thursday, 3 January 2013 | | Disqus
Safe haven demand as well as investment demand is supporting gold. Silver is being supported by expectations of better industrial demand as well as higher investment demand and looks headed for much more gains. Copper and crude oil have the best chance to test or break past 2012 highs. In case they are unable to do so one can expect at least a five percent fall from the high. Traders will now start taking positions for tomorrow’s US December nonfarm payrolls report. All the good news on US jobs has been factored in by the markets. A real bad number could result in gold rising to the $1725-$1787 zone in the short term and silver rising to $34.00. I keep my fingers crossed and will wait for a clear picture to emerge before coming to a final conclusion. FOMC December minutes and bank of England meeting will also affect trader sentiment.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1689.30
Bullish over $1670.10 with $1703.40 and $1715.40 price target
Bearish below $1662 with $1652.00 and $1637.00 as price target
Neutral Zone between $1662.00-$1670.10
Break point: $1690.10
- $1690 price target achieved. Gold can rise to $1715 as long as it trades over $1670
- Bearish trend will be there only on a fall below $1670 or failure to break $1706 by tomorrow
MCX LEAD JANUARY
A break of Rs.136 will result in Rs.146-Rs.157. As long as lead does not break Rs.136 the chances of a fall to Rs.125 and Rs.121 are high. We prefer going in lead only a break of Rs.136 for a price target of Rs.142 stop loss Rs.131.
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 Thursday, 3 January 2013 | Digg This Article
| Source: GoldSeek.com
