-- Posted Thursday, 11 July 2013 | | Disqus
· Gold and silver are in a bullish zone with target of $1313 and $2216.
The Federal Reserve will not be in a hurry to raise short-term interest rates, even after the unemployment rate comes down markedly said Ben Bernanke. This is highly bullish for all commodities. Gold, silver and copper will see some more short covering and can result in some big gains. The comments by the Federal Reserve chairman implies that tapering may not happen in September and could be postponed to December.
Gold can rise to $1310.94 and $1384.75 in the short term as long as it trades over the $1262-$1273 zone. Silver can rise to $2101 and $2327 quickly as long as it trades over $1875. Copper can rise to $320 and $327 as long as it trades over $311. Crude oil will see another wave of buying on a break of $107. The slumping Indian rupee should fall to 59.20 and 58.10 against the US dollar in the short term.
There are still huge short positions in gold and silver in Comex futures and MCX futures (In India) and the short covering is by no means over in them. In case gold trades over $1285 in the US session and silver trades over $1970 in the US session, then there will be more short covering and more gains.
The FOMC June minutes have been rendered useless after chairman Ben Bernanke’s comments. In my view gold, silver and copper may have formed a short term bottom. I keep my fingers crossed.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2013 – current price $1283.00
Bullish over $1262.00 with $1310.00 and $1384.00 price target
Bearish below $1248.0 with $1230.00 and $1220.00 as price target
Neutral Zone between $1248.00-$1262
Break point: $1285.00
- Gold can rise to $1384 as long as it trades over $1262
- For the rest of the month there will be buyers on dips as long as gold trades over $1220
MCX GOLD AUGUST – prices in Indian rupees
Gold can rise to 27119 and 27763 in short term as long as it trades over 25915. Initial resistance is at 26462. There will be sellers only if gold trades below 25900 in US session any day before end of July or gold does not break 27119 in July.
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 Thursday, 11 July 2013 | Digg This Article
| Source: GoldSeek.com
