-- Posted Wednesday, 10 April 2013 | | Disqus
My friend Clementine Wallop, a reporter from dowjones newswires has mailed me a story from dowjones newswires which tells that there is a huge rush in Japan to sell gold jewelry as prices have risen on a weaker currency. Indians sold gold last year as prices reached an all time high of 32000 also due to a weaker currency. However India will be on a buying spree as gold prices in India have fallen nearly nine percent from the high’s. Korean peninsula nuclear risk has also contributed to yesterday’s gold rise apart from Europe and expectations that QE by central banks is here to stay.
The next three days are very crucial for gold and silver. If they continue to rise then $1626 and $2970 can be achieved. A one day rise is a selling opportunity and a three day continuous rise always marks the beginning of a bull run.
Trade cautiously. That’s all I can comment.
COMEX TECHNICAL VIEW
COMEX SILVER MAY 2013 – current price $2788.00
Bullish over $2736 with $2806-2907 as price target
Bearish below $2680 with $2662-$2601 as price target
Neutral Zone between: $2680-$2736
Break point: $2808
- A break of $2808 will result in $2878-$2932
- There will be a technical break down only below $2680
MCX SILVER MAY 2013 – Prices in Indian rupees below
Silver seems to have formed a short term bottom and can rise to 54000-55500 as long as it trades over 50800. Only a daily close below 50800 for four consecutive days will alter the bullish trend to bearish. I keep my fingers crossed for silver.
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, 10 April 2013 | Digg This Article | Source: GoldSeek.com