-- Posted Monday, 1 July 2013 | | Disqus
I do not expect a repeat of last quarter in gold and silver this quarter. The markets have already discounted a Federal Reserve tapering from September onwards. Any below expected fall can result in short covering in gold and silver which is huge. Traders and investors still expect gold prices fall to $1000 this quarter. All I can say is that the faster the fall the chances of a very quick recovery are highest. I would like gold prices to fall to $1000 this quarter (which will not happen) as below $1000 either long term investors will come and gobble away gold or central banks like Russia etc will eat away the saleable physical gold. We expect gold to consolidate in $950-$1600 range in the two years and thereafter make another big rise to $5000.
Silver now has a better prospect than owing to better fundamentals and attractive valuations. If Europe, USA and Japan recover simultaneously then silver could see another parabolic bull run anytime next year. Global economic prospects will be the key for silver.
USA real estate sector is attracting investors from all across the globe. Real estate prices have heated up in New York, Las Vegas and other cities. The amount of investment is historical in USA’s real estate sector and it has been after a very long time that sector is the next hot investment destination. This trend can last for a two to three years and thereafter we expect another bigger bubble in the real estate.
I am not reading too much into US economic numbers as a lot jobs is attributed to recovery in Oklahoma etc. Whether it is Europe, Canada or USA natural calamity effects are still in place. The real picture in these nations will emerge once the effects on these non recurring events are over.
Remain on the sidelines. Oversold conditions still exist. Friday’s US June nonfarm payrolls will be the key. There can be more short covering in gold and silver before this number.
COMEX TECHNICAL VIEW
COMEX SILVER SETPEMBER 2013 – current price $1968.00
Bullish over $1920 with $2034-$2160 as price target
Bearish below $1890 with $1845-$1805 as price target
Neutral Zone between: $1890-$1920
Break point: $1983.00
- Key long term support is at $1729 and in the short term as long as silver trades over $1729 the chances of a rise to $2211 and $2543 are high.
- Intra day silver can rise to $2073 as long as it trades over $1936
MCX COPPER AUGUST 2013 – prices in Indian rupees
Copper needs to trade over trade over 403 to target 409-416. Key weekly support is at 396 and there will be another wave of selling below 396 only. Fundamental bearishness persists in copper and other base metals due to the slowdown in Chinese manufacturing activity for a second straight month.
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 Monday, 1 July 2013 | Digg This Article
| Source: GoldSeek.com
