-- Posted Thursday, 22 August 2013 | | Disqus
· Gold, silver and copper are in a neutral zone and needs to trade over $1252, $2240 and $331 to be in bullish zone.
FOMC minutes have shown a support for tapering which has been factored in by the markets. It will be a technical trade from here. Gold needs to trade over $1350 and silver needs to trade over $2240 for the rest of the month to be in a bullish zone and there will be another wave of selling if they trade below these prices in the US session.
Gold has been trading over $1300 which is a very positive for another big rise. However gold needs to break $1409 else it will trade in a $1309-$1348-$1384-$1409 range.
Copper has to remain firm to support silver. Silver prices will be vulnerable to further losses only if copper prices fall in a big way.
As far as India is concerned as long as the Indian rupees continue to weaken Indian gold and silver will only rise.
Remain on the sidelines.
US economic indicators this week
Weekly jobless claims and PMI Market Flash manufacturing index on Thursday. New-home sales data is due on Friday.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1360.60
Bullish over $1362.00 with $1404.00 and $1423.10 price target
Bearish below $1347.0 with $1333.00 and $1307.00 as price target
Neutral Zone between $1347.00-$1362
Break point: $1362.00
- Gold needs to break and trade over $1384 by Monday to target $1409+. There will be another wave of selling to $1339-$1309 in case gold does not break and trade over $1384 by Monday.
- A daily close over $1350 tomorrow will be bullish for next week.
MCX GOLD OCTOBER 2013 – prices in Indian rupees below
If the Indian rupee weakens further then gold prices will rise to 31900 and all time high of 32464. A break of 32464 will result in 32932-33381. Gold needs a daily close below 30900 for three consecutive days to be in a bearish zone. Indian rupee price swings will cause very wild one way moves of 500-600 at any time. Day traders and jobbers will be careful while trading. In the next four weeks as long as gold trades over 28900 the chances of a rise to 33381-35023 are very high. Bearish trend will be there only on (A) Failure to break 33381 in the next four weeks (B) Only a daily close below 30200 for four consecutive days.
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, 22 August 2013 | Digg This Article
| Source: GoldSeek.com
