-- Posted Friday, 12 April 2013 | | Disqus
- Lots of economic numbers in the USA today.
- Gold needs to trade over $1554 to be in bullish zone
Silver has not fallen as much as copper as prices firm. Silver prices will fall in a big way if and only if copper falls. Since copper is fundamentally bullish, even if gold prices fall, the pace of a silver price fall (if any) will be very slow. Indian jewelers will stock up for the weekend demand which is expected to be very huge all over India. As long as the US dollar weakens the pace of the decline of gold, silver and other commodities will be reduced.
Today is the key day with retail sales, producer price index as the key. US retail sales should rise due to Easter vacation. Trade cautiously. That’s all I can comment.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2013 – current price $1561.00
Bullish over $1554.00 with $1577.10 and $1596.00 price target
Bearish below $1543.20 with $1535.70 and $1523.00 as price target
Neutral Zone between $1543.20-$1554.00
Break point: $1554.00
- Gold desperately needs to trade over $1554 for the whole day to target $1582-$1596
- There is a technical congestion between $1535-$1565 which is preventing the fall.
MCX GOLD JUNE – prices in Indian rupee below
Key intraday support is at 29020 and gold needs to trade over 29020 to target 29337-29660. As long as gold does not break and trade over 29337 the overall trend is bearish. In case gold trades below 29020 in US session, then it will fall to 28870 and 28590.
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, 12 April 2013 | Digg This Article | Source: GoldSeek.com