-- Posted Friday, 3 May 2013 | | Disqus
The U.S. March trade gap narrowed 11% to $38.8 billion along with the fall in weekly jobless claims to a five year low portrays a rosy picture of the US economy and can be bearish for gold and silver. However the interest rate cut by the European central bank and signals of more interest rate cuts in the future have resulted in firmness in gold and silver. The US dollar has also not gained in a big way against the major currencies as traders are weary of the US monthly jobs report today.
It will be either a break of $1496 to $1540 for gold or a break down to $1380 and below by Monday. If you get caught on the wrong side of the trade you will not be able to recover easily.
Copper: As long as copper does not trade below $299 we are against going short (for the rest of the month).
Crude oil: Back to square one as it needs to break $97.20 by next week, else it will consolidate in a $88.80-$92.20-$97.20 range.
Physical demand as well as jewelry demand for gold and silver will fall or be steady. The next big push for gold and silver (if they rise today and Monday in the US session) could be a big rise investment demand which will the real catalyst for another big bull run in gold.
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COMEX TECHNICAL VIEW
COMEX SILVER JULY 2013 – current price $2388.00
Bullish over $2360 with $2498-2614 as price target
Bearish below $2320 with $2276-$2220 as price target
Neutral Zone between: $2320-$2360
Break point: $2360
- Silver needs to trade over $2320 to target $2476-$2530
- If you are long in silver then use a trailing stop loss of $2176
MCX SILVER JULY 2013 – prices in Indian rupee below
Key long term support is at 43300 and as long as silver trades over 43300 the chances of a rise to 46400-49300 are higher. Bearish trend will be there on (A) failure to break 46600 by Monday (B) Silver trades below 43300 any day in US session.
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, 3 May 2013 | Digg This Article
| Source: GoldSeek.com
