-- Posted Tuesday, 8 October 2013 | | Disqus
The longer it takes for US politicians to get over their disagreements on running the US economy, the greater are the chances of gold starting another big bull run. Gold bears have tried their best to try and make gold fall below $1260 but have been unsuccessful. In case gold does not fall below $1260 by the first week of November the chances of a rise to $1430-$1500 will be very high. Silver has a double bottom at $2060 which suggests that it can rise to $2500 in the next month if it is able to trade over $2060. I will rather prefer a cautious approach to short term investing in gold and silver instead of going of going gung ho for the bullish side.
The release of the US September nonfarm payrolls and other monthly employment indicators has been put in a limbo. They need to be released asap to reduce short term volatility in global financial markets.
Indian demand for gold and silver will rise as the month progresses.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1324.40
Bullish over $1317.00 with $1333.10 and $1353.10 price target
Bearish below $1311.00 with $1306.00 and $1291.00 as price target
Neutral Zone between $1311.00-$1317
Break point: $1326-$1337
- Gold can rise to $1353 as long as it trades over $1317. Initial resistance is at $1333
- Traders will prefer to remain on the sidelines today.
MCX - SHORT TERM VIEW – prices in Indian rupee below
Gold December
There is a technical congestion between 29644-29804 and gold needs to break this zone for 30042-30601-31892. As long as gold does not break 29644-29804 zone it can fall to 28715 and 28343.
Key support is at 28700 and as long as gold trades over 28700, downside risk will be limited and a rise to 30761 and 32906. There will be another wave of selling only below 28700 to 28125 and 26500.
Silver December
Key short term support is at 46686 and silver can rise to 52200 and 57600 as long as it trades over 46686. Bearish will trend will be there (a) on a daily close below 46686 for three 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 Tuesday, 8 October 2013 | Digg This Article
| Source: GoldSeek.com
