-- Posted Friday, 7 June 2013 | | Disqus
· Silver needs to trade over $2283 for further gains
A weaker US dollar, technical breakout and more reasons to believe that there will not an early withdrawal from QE than markets anticipated (apart from unabated physical gold demand across Asia) resulted in gold and silver rise. Technically gold and silver are bullish. Irrespective of what you hear or read on the internet, these prices and a further fall in gold and silver are great long term opportunity for investment in gold and silver. Long term for me is a period of five years and over. I have been a big fan of physical gold and always opposed to gold ETF investment. In India those who invested in physical gold even at prices over 29000 their MTM losses is now very less. Even in so called developed nations, I see a new trend where more and more people are investing in physical gold and reducing gold ETF investment. This trend will continue for the rest of the year, unless gold prices fall below $1276 and remain below $1276 for over a month.
Only a very big rise in US employment can result in a bearish trend in gold and silver.
COMEX TECHNICAL VIEW
COMEX SILVER JULY 2013 – current price $2273.00
Bullish over $2204 with $2313-2476 as price target
Bearish below $2176 with $2148-$2090 as price target
Neutral Zone between: $2176-$2204
Break point: $2283
- Silver needs to trade over $2283 to target $2396-$2451
- There will be buyers on dips as long as silver trades over $2200
MCX SILVER JULY – prices in Indian rupees below
Silver can rise to 46400-49000 as long as it trades over 42500. Only a fall below 42500 will result in another wave of selling to 40600-39000.
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, 7 June 2013 | Digg This Article
| Source: GoldSeek.com
