-- Posted Tuesday, 12 November 2013 | | Disqus
The fall in gold and silver (after the release of US October jobs report) has not been as rapid as most of the US had expected. The big crash is not there. Instead there has been a slow and steady decline. Short term traders are still short in gold and silver which implies that in case they are able to hold onto current prices of $1281 and $2131 till Thursday, then can be a short upside burst while maintaining the bearish trend. We just need to wait and watch for the price direction to unfold.
Crude oil looks to have formed a small base at $93.50 and in case crude oil is able to trade over $93.50 till Thursday then it can rise to $99-$100. The recent consolidation phase of copper will be broken and a new range will be formed anytime soon. Copper will break free from the $320-$340 range and form a new range soon. Copper prices are caught between global economic optimism for 2014 and higher copper surplus. In my view unless global equity markets move into a bear zone, a copper prices fall (if any) will not be sustainable.
In India gold demand will remain subdued as gold prices remain firm due to a weaker currency.
INTRADAY TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1281.40
Bullish over $1296.00 with $1321.10 and $1348.10 price target
Bearish below $1284.00 with $1273.00 and $1261.80 as price target
Neutral Zone between $1284.00-$1296
Break point: $1284.20-$1296.00
- Gold needs to fall below $1273 for another wave of selling.
- Only a break of $1291 will result in $1302+
MCX GOLD DECEMBER – prices in Indian rupees below
Yesterday’s sudden price rise from 30000 to 30499 is unknown to me. Technically 30547 is the key resistance and only a break of 30547 will result in 30783-31324. On the lower side 30067 is the initial support with 29743 as the key support. Indian rupee has been weakening (against the US dollar) every day in the non deliverable forward (NDF) market and as long as rupee weakens gold prices will remain 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 Tuesday, 12 November 2013 | Digg This Article
| Source: GoldSeek.com
