-- Posted Friday, 5 April 2013 | | Disqus
- US nonfarm payrolls at 6:00 pm IST will be the key
From a technical perspective today’s close is very important for gold and silver. A daily close below $1535 for gold and a daily close below $2605 for silver will trigger the next wave of collapse in the next two weeks. So yes, today’s close is very important. In case gold and silver continue to fall after the US nonfarm payrolls are released then even physical buyers as well jewelry buyers will stop for once and wait for more fall before they can enter.
The European central bank chief has given indications of another interest rate cut next month. This has resulted in gains for the euro. Expansionary monetary policy will prevent safe havens like gold and silver from the collapse which the investors expect now.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2013 – current price $1551.00
Bullish over $1554.00 with $1583.00 and $1702.00 price target
Bearish below $1537.20 with $1523.40 and $1519.00 as price target
Neutral Zone between $1554.00-$1565.00
Break point: $1554.00
- Gold can rise to $1565-$1596 if it is able to trade over $1530 today
- Gold will crash if it trades below $1530 in US session today
INDIAN GOLD PRICES
Unless physical gold price in India falls Rs.29000 per ten grams downside risk will be limited. Indian gold prices will see a another wave of selling if gold prices fall below Rs.29000 for two consecutive days.
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, 5 April 2013 | Digg This Article
| Source: GoldSeek.com
