-- Posted Friday, 2 August 2013 | | Disqus
COMEX REPORT
· US July nonfarm payrolls is the key
The European central bank chief said yesterday that the worst is over for the eurozone. This implies that there will be higher growth over the coming months. Interest rates will continue to be near record lows in the UK and the eurozone for the rest of the year. The UK could start tapering from the first quarter of next year while I do not foresee any change in Eurozone interest rates till the end of next year. Incoming US economic performance point to steady growth which suggests it will result in reduced investment demand for gold and silver. Over the past week a new gold vault and a new silver vault have been opened in Singapore. More and more new gold and silver vaults are being opened in Asia (excluding India) every month to cater to ever rising physical demand of gold and silver in Asia. This makes me believe that (A) Long term bullish trend is intact and that the current phase of subdued prices can continue for three months to two year, depending on global interest rate scenario (B) Investment demand in gold exchange traded funds and open positions in gold futures exchange may not be reflective of correct valuation of gold and silver.
Remain on the sidelines despite the bearish trend.
TECHNICAL VIEW
COMEX SILVER SETPEMBER 2013 – current price $1954.00
Bullish over $1970 with $2005-$2056 as price target
Bearish below $1939 with $1905-$1875 as price target
Neutral Zone between: $1939-$1970
Break point: $1939.00
- There will be a technical break down below $1939 to $1901 and $1875. Only a break of $1990 will resume the intraday bullish direction
MCX SILVER SEPTEMBER – PRICES IN INDIAN RUPEES
Silver needs to break 43200 by Monday else it will trade in 39800-40700-41900-43200 range. In the next two weeks silver will break the 40000-43000 trading band and form a new range. Key medium term support is at 39200 and as long as silver trades over 39200 downside risk will be limited.
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, 2 August 2013 | Digg This Article | Source: GoldSeek.com