-- Posted Monday, 11 November 2013 | | Disqus
Gold – next three weeks
(A)The key over the next three weeks will be whether gold is able to fall below $1250 and has a daily close below $1242 for at least two consecutive days. There will be another wave of sell off in gold if it has a daily close below $1242 for at least two consecutive days in the next three weeks. (B) In case gold does not fall below $1242 in the next three weeks then gold prices will rise back to $1360 and $1430.
This week brings several speeches by Fed officials, but the key will be a hearing Thursday before the U.S. Senate Banking Committee on the nomination of Fed Vice Chair Yellen to replace Fed Chairman Ben Bernanke. Federal Reserve Bank of Atlanta President Dennis Lockhart is expected to speak on the economic outlook on Tuesday.
My view is that do we really need to focus on statements by Federal Reserve officials. Most of them give confusing statements and nothing else. A seemingly peaceful world with reduced geopolitical risk and lower energy prices implies reduced investment demand for safe havens like gold. To me this seemingly peaceful world will evaporate peace like spirit left open very quickly. It is in the US political interest to keep Middle East and North Africa region in a continuous state of political turmoil so that energy prices are firm and crude oil continues to be billed in US dollars.
US economic data this week brings data on industrial output, as well as weekly jobless claims.
INTRA DAY TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $2135.00
Bullish over $2144.0 with $2203-$2251 as price target
Bearish below $2114 with $2090-$2039 as price target
Neutral Zone between: $2114-$2144
Break point: $2144-$2173
- Silver needs to trade over $2114 today to target $2217-$2279
- There will be another wave of selling only if silver trades below $2114 in US session or silver does not break $2173 today.
MCX CRUDE OIL – prices in Indian rupees below
Key intraday resistance is at 6108 and as long as crude oil does not break 6108, the chances of a fall back to 5920 and 5851 are high. Only a break of 6108 will result in 6201 and 6332
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 Monday, 11 November 2013 | Digg This Article
| Source: GoldSeek.com
