-- Posted Wednesday, 3 April 2013 | | Disqus
The increase in the profitability of US auto companies along with strength in other sectors of the US economy has resulted in investment outflows from gold, silver and emerging markets into US equities and US stock markets. If this trend continues in April then gold will fall to $1478 and $1410 in April and silver can fall to $2498 and $2167 in April. Bears have the upper hand but bull still have a ray of hope if March US nonfarm payrolls come in way below expectation.
Cyprus issue is not yet over. Those not serious but still has chances of another round of causing short term damage to global financial markets. Cyprus is like an ant in elephant’s nose. Physical demand for gold and silver will be very high in India. It remains to be seen whether higher demand lifts prices.
COMEX TECHNICAL VIEW
COMEX SILVER MAY 2013 – current price $2700.00
Bullish over $2756 with $2867-2907 as price target
Bearish below $2720 with $2666-$2601 as price target
Neutral Zone between: $2720-$2756
Break point: $2651
- Key support is at $2651 and there will be another wave of selling only below $2651
- Only a break of $2756 will resume the uptrend.
MCX SILVER MAY – prices in Indian rupees below
Silver can fall to 49860 and 46424 as long as it trades below 52200. Bullish trend will be there only a break of 52200
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 Wednesday, 3 April 2013 | Digg This Article | Source: GoldSeek.com