-- Posted Thursday, 29 August 2013 | | Disqus
· Syria will be the key
· Gold and silver are in a neutral zone
The economic consequences of a sustained war with Syria will be far greater for the global economy. Asian nations are on a downward growth spiral and higher crude oil prices (caused due to Syria) will act as a further drag on Asian economic growth and global economic growth. The USA and its NATO allies must think of the economic consequences before initiating any use of force against Syria.
President Barack Obama vowed yesterday that the Syrian government would face "international consequences" for last week's deadly chemical attack, but made clear any military response would be limited to avoid dragging the United States into another war in the Middle East.
Technically gold and silver are in a neutral zone but need to break $1452 and $2500 for further gains in the short term. As long as gold and silver trade below this zone there will be chances of a very sharp correction.
India
The Reserve Bank of India will provide dollars directly to state oil companies. This will result in more gains for the Indian rupee as demand will reduce. However global factors will be the key for any sustained gains for the Indian rupee against the US dollar.
Monday is Labor Day and is a holiday in the USA. Traders will start taking positions for next Fridays US August nonfarm payrolls before they go on their vacations.
TECHNICAL VIEW
COMEX SILVER SETPEMBER 2013 – current price $2425.00
Bullish over $2405.0 with $2505-$2624 as price target
Bearish below $2360 with $2315-$2260 as price target
Neutral Zone between: $2360-$2405
Break point: $2437.00
- Silver needs to break $2500 by tomorrow else it will fall to $2360 and $2260
- There will be sellers only below $2415.00 today
MCX SILVER SEPTEMBER – prices in Indian rupees
Today silver needs to trade over 57300 for 58400-59900. As long as silver trades below 57300 the chances of a fall to 55500 and 52800 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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
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
Customer care: 9311139549
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
-- Posted Thursday, 29 August 2013 | Digg This Article
| Source: GoldSeek.com
