-- Posted Thursday, 7 November 2013 | | Disqus
Headline: Traders look forward to the European central bank meet.
There is one section of traders which believes that the European central bank might be tempted to cut interest rates or give hints of more interest rate cuts in future meetings. Any hints of an interest rate reduction will result in the euro/us dollar tumbling to 1.30 and gold and safe havens could see a temporary rise. The outlook on eurozone interest rates till early January will be the key for the euro as well as commodity prices. France will not meet its deficit targets along with other rouge eurozone nations. It looks like the eurozone is only about Germany and no one else. The German economy has withstood all odds and continues to grow on all frontiers. I will prefer to buy far dated put options for euro/usd along with far dated call options for gold, silver and US dollar Index. The reason is that the eurozone is just calm before another storm. Austerity implementation is easier said than done on a sustained basis and I expect nagging problems to reappear from the third quarter of 2014.
This gold and silver bull is cautious for the moment and is on the sidelines. Still for day traders I would recommend to stay on the long side as long as gold trades over $1296 and as long as silver trades over $2120. However keep on booking profit till gold does not break $1333-$1353 zone and silver does not break $2220-$2255 zone.
INTRA DAY TRADING STRATGEY FOR DAY TRADERS AND JOBBERS
COMEX GOLD: Buy on dips with a stop loss below $1295 for $1333 or buy if gold trades over $1323 for $1328-$1333-$1352 stop loss $1317
COMEX SILVER: Buy on dips with a stop loss below $2020 for $2230-$2296 – if the stop loss of $2020 is hit then sell for $1991-$1918
COMEX COPPER: Buy at $322 stop loss $319 for $331-$336
NYMEX CRUDE OIL: Buy on dips with a stop loss below $91.00 for $98.0
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $2174.00
Bullish over $2165.0 with $2240-$2296-$2345 as price target
Bearish below $2130 with $2105-$2080 as price target
Neutral Zone between: $2130-$2165
Break point: $2165
- Silver needs to trade over $2155 today to target $2220-$2276
- There will be another wave of selling only if silver trades below $2155 in US session.
MCX GOLD DECEMBER – prices in Indian rupee below
Key intraday resistance is at 30389 and only a break of 30389 will result in 30602-3124. On the lower side supports starts at 29979 with 29743 as the key intraday support. If the Indian rupee continues it weakness against the US dollar then all commodities in MCX will be firm.
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, 7 November 2013 | Digg This Article
| Source: GoldSeek.com
