-- Posted Tuesday, 16 July 2013 | | Disqus
- Be prepared for a big two percent one way move in gold and silver any time.
- Markets look forward to Bernanke’s testimony tomorrow
The possible situations in gold and silver are as below
(A) Gold does not break $1317 by Friday then it will fall to $1247 and $1190 first.
(B) Gold breaks past $1317 by Friday then it can rise to $1367 and $1416
(C) Technically a daily close over $1280 today will be positive for gold.
(D) Silver does not break $2040 by tomorrow then it will fall to $1875 and $1790 first while a break of $2040 will result in $2125-$2375.
Markets have factored in the Federal reserve reducing its bond buying. The big question is by how much and the time period. The shorter the time period of withdrawal from total QE3 then longer will be the continuance of an overall gold and vice-versa. In my view withdrawal from QE3 below $40 billion a month will be difficult for the Federal Reserve in the next nine months. Thereafter US economic fundamentals will decide the future course.
Right now I am more focused on the Japanese upper house elections which will be held on the weekend and the results will be known by then and Bernanke’s testimony tomorrow. Bernanke has been confusing the commodity traders and I expect the same from him today also.
Trade in the technical.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2013 – current price $1282.0
Bullish over $1272.00 with $1296.00 and $1317.00 price target
Bearish below $1262.0 with $1249.00 and $1236.00 as price target
Neutral Zone between $1262.00-$1272
Break point: $1284.00
- Gold needs to trade over $1285 to target $1296-$1306
- There will be sellers only if gold trades below $1280.
MCX GOLD AUGUST 2013 – prices in Indian rupees
Bullish over $1970 with $2034-$2216 as price target
Bearish below $1948 with $1915-$1875 as price target
Neutral Zone between: $1948-$1970
Break point: $2034.00
- Silver needs to break and trade $2034 today for another big rally. In case silver does not break $2034 by tomorrow then it will fall back to $1940 and $1915
COMEX COPPER SEPTEMBER 2013 – current price $315.85
Bullish over $316.00 with $323.20 -$330.00 as price target
Bearish below $311.00 with $307.80-$301.80 as price target
Neutral Zone between: $311.00--$316.00
Break point: $320.70
- Unless copper breaks past $324 one needs to be careful going long.
- Key support is at $315
NYMEX CRUDE OIL (1ST CONTRACT) - current price $106.53
Bullish over $105.20 with $107.30 and $110.20 as price target
Bearish below $104.00 with $102.20 and $99.50 as price target
Break point: $107.20
- Unless crude oil breaks past $112 we prefer a sell on rise strategy
- Today there will be sellers only below $104.00
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, 16 July 2013 | Digg This Article
| Source: GoldSeek.com
