-- Posted Friday, 19 April 2013 | | Disqus
- Three successive days close over $1380 suggest that formation of a mildly bullish formation which if the rise continues will result in a rise to $1430 and $1476.
The big question now is how long gold will and silver continue to fall. Two weeks to three weeks fall for me is an investment opportunity, irrespective of the pace of decline. Only if gold and silver remain in a bearish trend for three consecutive quarters that the decade old bullish trend will turn bearish. Ten years of massive rise followed by one year to two years of decline is a part and parcel of a long term bullish zone. I still believe that gold and silver has to be a part of a investment portfolio. The current fall is a grim reminder of the law of nature which does not tolerate excesses whether it gold and silver prices or human caused pollution.
Massive physical demand of gold all over Asia has resulted firmness in prices. The demand will continues and in case gold is able to trade over $1400 today then a rise to $1430-$1455 is imminent. Silver will play catch up with gold prices only if copper prices start to rise, else it will be a second cousin to gold. There is no US economic numbers today. If yesterday’s demand continues today also then I am confident of a sharp rise in gold and silver.
Copper till 31st December 2014: A daily close below $315 any day for three consecutive days at anytime till 30th June will be highly bearish for copper. For the rest of the year key support is at $292 and long as copper trades over $292 it will rise to $366-$420. With every fall the risk to return ratio moves in favor of the long term investor.
Crude oil till 31st December 2014: As long as crude oil trades over $82.00 the chances of a rise to $100.50-$107.60 are higher. Only a daily close below $82.00 for three consecutive days will resume the bearish trend in crude oil.
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COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2013 – current price $1397.30
Bullish over $1380.00 with $1414.10 and $1456.00 price target
Bearish below $1345.00 with $1303.70 and $1272.10 as price target
Neutral Zone between $1345-$1380
Break point: $1404
- A break of $1404 will pave the way for $1430-$1476
- As long as gold trades over $1360 downside risk will be limited.
COMEX COPPER MAY 2013 – current price $316.50
Bullish over $319.00 with $326.00 -$337.00 as price target
Bearish below $311.00 with $306.00-$299.00 as price target
Neutral Zone between: $311.00-$319.00
Break point: $319.00
- Copper needs to trade over $315 to target $326-$337
- A daily close below $315 today will result in $292 in short term.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $88.07
Bullish over $89.20 with $90.50 and $93.60 as price target
Bearish below $87.90 with $86.10 and $83.20 as price target
Break point: $87.60
- Crude oil needs to trade over $87.00 to target $90.50-$92.20
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 Friday, 19 April 2013 | Digg This Article | Source: GoldSeek.com