-- Posted Monday, 8 April 2013 | | Disqus
- Comex 400 week moving average is at $319.83
- Nymex crude oil 100 day MA is at $92.07 and 200 day MA is at $91.09
Have the gold and silver bears been laid to rest. This is something which I have been asked over the weekend. In my view yes, if this week gold and silver break $1596 and $2803 then bears will be seen nowhere. However the fall in US employment is due to cyclical factors and that we should see another big hiring number in the month of May. Till next nonfarm payrolls are released gold and silver will trade firm with limited downside risk (subject to holding of technical support of $1519 and $2590).
Most of the long positions were cut before the nonfarm payrolls as there was too much hype on gold price crashing. Some traders even converted long positions to short positions. In case gold and silver fall this week then shorts will be squared off and more longs will get created. Do not go by the herd mentality and/or use trailing stop losses if you want to follow the herd.
Gold jewelry demand as gold investment demand from India will rise as prices have rebounded from the law and the beginning of the “Hindu New year Samvat 2070” from 11th April. Gold demand from India will rise from 11th April and jewelry purchasers will use every dip to purchase. Silver demand in India is on the higher side.
There are no major US economic numbers till tomorrow. It will be a technical trade.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Watch $1572 and trade accordingly.
COMEX SILVER: Watch $2720 and trade accordingly.
COMEX COPPER: Buy around $332 stop loss $327 for $339.00-$343
NYMEX CRUDE OIL: Buy at $91.00 stop loss $89.50 for $95.70
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 Monday, 8 April 2013 | Digg This Article
| Source: GoldSeek.com
