-- Posted Wednesday, 28 August 2013 | | Disqus
· Syria will be the key and will prevent gold and silver from falling.
The timing of the proposed attack on Syria by the USA and NATO allies is spectacular. The US economy is growing while the Eurozone and UK economies seem to have formed a long term bottom and Asia and rest of the world economies are in a near crisis like situation. There will not be any major opposition to an attack in Syria either from the people of the USA and other world leaders. The use of chemicals weapons in Syria for which there is no proof as yet is just an excuse to attack Syria and nothing else. The Syrian attack will not last long as it is too small a nation to retaliate. In my view more nations will face similar wrath as Syria till the US economy and European economies continues to grow. Gold and silver will continue to rise.
Indian gold prices reached a historical high as the currency continues to weaken. Gold demand has fallen in India. There is huge speculation that the Indian government could use its gold reserves to meet the Indian gold needs this festive season. This news will result in a fall in gold prices once Syria tensions are over.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1414.40
Bullish over $1403.00 with $1438.00 and $1452.00 price target
Bearish below $1394.0 with $1383.10 and $1369.00 as price target
Neutral Zone between $1394.00-$1403
Break point: $1409.00
- Gold can rise to $1438 and $1452 as long as it trades over $1402
- Key intra day support is at $1407
MCX GOLD OCTOBER 2013 – prices in Indian rupee
Prices reached a new historical high of 33824 yesterday. Key short term resistance is at 34611 and only a break of 34611 will result in 35677-36364. As long as gold trades below 34611 the chances of a fall to 32611 and 31095 are very high.
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 Wednesday, 28 August 2013 | Digg This Article
| Source: GoldSeek.com
