-- Posted Tuesday, 13 August 2013 | | Disqus
US retail sale numbers will be the key. Only a number below expectation or any signal of stabilization in US retail sales will result in further gains for gold and silver. One needs to be wary as there can be profit taking in gold and silver before the release of the US retail sale numbers. We are against going long in gold and silver till the US retail sale numbers are released.
China is expected to overtake India as the largest gold consumer. This is an indication that the long term bullish trend is intact. One need not go by official gold imports of India. Gold is coming in India more by smuggling than by official gold imports. One needs to check the gold imports by Indian neighbors mainly, Nepal, Pakistan, Bangladesh, Bhutan and Burma. If there is an unprecedented sharp rise in gold imports by these nations then I believe some of the gold has been smuggled into India.
Premium in physical gold has started to rise in India and will continue to rise before the “Rakhi festival” this month and the October-November festival month.
Traders are just too focused on tapering. All I can say is that gold needs to break $1432 after the September Federal reserve meeting else it will fall to $1155 and below. A long term bottom should be formed in gold by the end of this year as ETF outflows vanish and intraday volatility reduces.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1333.10
Bullish over $1336.00 with $1348.00-$1362 and $1383.10 price target
Bearish below $1316.0 with $1304.00 and $1284.00 as price target
Neutral Zone between $1316.00-$1336
Break point: $1336.50
- Gold needs to break $1352 else it will trade in $1296-$1336-$1352 range.
- Key intraday support is at $1309
MCX Copper August – prices in Indian rupees below
Copper needs to break 454-463 zone in the short term for further gains. As long as copper trades below 463 there is every possibility of a fall to 428 and 410. Intraday copper needs to break and trade over 450 else it will fall to 431-424
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, 13 August 2013 | Digg This Article | Source: GoldSeek.com