-- Posted Tuesday, 7 May 2013 | | Disqus
- Silver needs to trade over $2380 to be in bullish zone
In case the Japanese yen trades over 100.00 against the US dollar for a few days or a few weeks then gold will fall and move into yet another bear territory (assuming middle east tensions do not escalate further). In the absence of major market moving news the Japanese yen will be the driver for gold prices. Physical gold demand will vanish in case gold starts to fall for now. The next week is very crucial for gold and silver. Gold and silver need to trade over the current prices to $1464 and $2373 or else they will see another wave of selling. We just need to remain on the sidelines.
“Akshay Tritiya”, the key gold demand day in India is on the 13th May (Monday). I have my doubts whether we will see a bug spurt in demand on the 13th of May as people have already bought gold. Indian gold demand will be below expectations on “Akshay Tritiya” unless gold prices fall below.
Copper and crude oil are looking bullish.
My imagination of how we can harness solar energy better
The world has a lot of sports stadiums. If solar panels are installed on the roof of these sports stadiums then huge solar energy can be generated. Energy deficient nations like India will benefit if this measure is put in place.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Sell at $1472-$1476 stop loss $1494 for $1452-$1439-$1408 – if the stop loss $1494 is hit then buy for $1509-$1534. Jobbers watch $1465 and trade accordingly.
COMEX SILVER: Sell at $2470 stop loss $2520 for $2326-$2270-$2130 – if the stop loss of $2520 is hit then buy for $2590-$2640. Jobbers watch $2360 and trade accordingly.
COMEX COPPER: Buy at $321-$322 stop loss $309 for $343 or buy over $331 stop loss $327 for $336.80-$343
NYMEX CRUDE OIL: Sell at $98.60 stop loss $99.60 for $93.40-$90.50
COMEX TECHNICAL VIEW
COMEX SILVER JULY 2013 – current price $2371.00
Bullish over $2388 with $2475-2610 as price target
Bearish below $2341 with $2296-$2206 as price target
Neutral Zone between: $2341-$2388
Break point: $2380.00
- Silver needs to break $2500 by next Tuesday else it will fall back to $2270 and $2176 and then rise to $2700.
- Be prepared for big $200.00 moves any time in silver.
MCX COPPER JUNE 2013 – prices in Indian rupee below
Key resistance of 402 and a break of the same will result in 410-423. On the lower side 389 is the key support and a daily close below 389 for three consecutive days will result in yet another bearish direction.
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 Tuesday, 7 May 2013 | Digg This Article
| Source: GoldSeek.com
