-- Posted Thursday, 11 April 2013 | | Disqus
- Gold needs to trade over $1554 to be in a bullish zone
- Physical demand as well as jewelry for gold in India should zoom as the Hindu auspicious period begins with the Hindu New Year “Vikram Samvat 2070” today.
Gold and silver fell yesterday after the division among Federal Reserve committee members over the current stance of quantitative easing. This suggests that if incoming US economic numbers show stability then there will be squeezing on quantitative easing (QE). It is also the reason for US dollar gains. Gold jewelry demand from India will rise in a big way from today and it remains to be seen whether Indian demand will prevent gold prices from a fall.
There is not any big significant US economic release today. But tomorrow is the key day with retail sales, producer price index as the key. These two numbers will set the trend for gold and silver for the rest of April. Tomorrow’s close will set the trend for the rest of April in gold and silver. Just remember that silver May futures are expiring on 30th April.
Base metals and energies should remain firm on brighter global economic growth prospects.
Trade cautiously. That’s all I can comment.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Sell at $1585 stop loss $1599 for $1551-$1526. Jobbers watch $1565 and trade accordingly.
COMEX SILVER: Buy at $2665 stop loss $2620 for $2796-$2856. Jobbers watch $2760 and trade accordingly.
COMEX COPPER: Buy around $339 stop loss $336 for $353.00-$357
NYMEX CRUDE OIL: Buy at $92.20 stop loss $91.05 for $95.70-$97.20
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 Thursday, 11 April 2013 | Digg This Article
| Source: GoldSeek.com
