-- Posted Tuesday, 28 May 2013 | | Disqus
· Gold and silver are in a neutral zone
It is make or break over the next four days for gold and silver. Either gold breaks $1410 by Friday or breaks down to $1330. Either silver breaks $2375 or breaks down to $2075. This week anything can happen as gold June futures are expiring and traders will not start taking positions for US May nonfarm payrolls on 7th June. US May consumer confidence data today can have a big impact on all commodities.
Gold demand in Asia is still very high. Remain on the sidelines as we expect big one percent moves in a flash of a second anytime.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2013 – current price $1389.70
Bullish over $1374.00 with $1395.00 and $1412.00 price target
Bearish below $1363.0 with $1346.00 and $1329.00 as price target
Neutral Zone between $1363.00-$1374
Break point: $1374.00-$1403
- Gold needs to trade over $1374 to target $1403-$1414
- There will be sellers only below $1374 or failure to break $1404 by Friday
MCX GOLD JUNE – all prices in Indian rupee below
Key intraday support is at 26100 and as long as gold trades over 26100 the chances of a rise to 26760-27070 are very high. There will be a technical break down only below 26100 to 25930 and 25757.
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, 28 May 2013 | Digg This Article | Source: GoldSeek.com