-- Posted Friday, 8 November 2013 | | Disqus
In our report yesterday we had said that there was a very small chance of an interest rate cut by the European central bank. This happened, however an ECB interest rate cut was followed by an even more upbeat Q3 US economic number which resulted in gold and silver crashing after the initial rise (after the ECB rate cut). US economic growth which if it continues at the current pace implies that normalization of interest rates will be quicker than expected by the markets. Lower energy prices will further act as a cushion for higher growth. US October nonfarm payrolls will be the key for markets but not for me as the US government closure will not tell us the real picture.
Gold and silver investors will be on the sidelines. Firms like Goldman and others have given a hyper negative view for gold and silver for next year. This will prevent huge investment demand. All I can say is that this gold and silver market is either for day traders/jobbers or for long term investors (two years and more). Those who wish to invest in gold and silver for a period of around six months need to wait for some more time.
TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $2168.00
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 the US session or silver does not break $2240 today.
MCX SILVER DECEMBER – prices in Indian rupees below
All I can say is that in case silver does not break 50750 in the next one week the chances of a fall to 45850 and 43700 are very high. Today silver needs to trade over 47850 to be in bullish zone and target 50000.
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 Friday, 8 November 2013 | Digg This Article
| Source: GoldSeek.com
