-- Posted Friday, 15 March 2013 | | Disqus
- Silver has managed to trade over $2828 on daily closing basis and is looking mildly bullish.
You might be thinking that one day I am giving a bullish view one day and the next day a bearish view. Let me put it in a direct way I am very bullish on gold and silver for the medium term (for a period of one year) and for the long term (three years to five years) but I am cautiously optimistic on gold and silver for the short term (three months to four months). Over the past three weeks gold and silver have fallen before any US major economic number release and risen after the release. This has been the trend and this trend will continue till Easter.
Bearish trend will be there only if gold falls after the Federal Reserve meeting next week.
COMEX TECHNICAL VIEW
COMEX SILVER MAY 2013 – current price $2882.00
Bullish over $2879 with $2969-3080 as price target
Bearish below $2849 with $2802-$2769 as price target
Neutral Zone between: $2849-$2879
Break point: $2860.00
- Head and shoulder formation on the charts for a big upward move by next week to $3060-$3200 as long as it trades over $2780
- There will be another wave of selling only if silver trades below $2849 in US session.
COMEX COPPER MAY 2013 – current price $354.00
Bullish over $353.10 with $359.10 -$364.40 as price target
Bearish below $349.10 with $345.40-$339.10 as price target
Neutral Zone between: $349.10-$353.10
Break point: $352.00
- Copper needs to break $356 for $361-$367
- We prefer a buy on dips strategy as long as copper trades over $346
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 Manan Somani
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, 15 March 2013 | Digg This Article
| Source: GoldSeek.com
