-- Posted Thursday, 14 November 2013 | | Disqus
Janet Yellen has said that the economy and labor market are performing “far short of their potential” and must improve before the Fed can begin reducing monetary stimulus. Irrespective of anything, the good thing for bulls is that gold has not fallen below $1242 and silver has not fallen below $2020. There are huge short positions in gold and silver. There can be massive short covering today in the US session. Once again US data releases will affect markets in a big way. Emerging market currencies like India should now gain.
We need to be a bit careful as incoming US economic numbers are showing steady economic progress. To me the Federal reserve just wants to ensure that tapering does not result in US stock markets moving into a bear zone. Most of the central banks globally want their stock markets to rise. They are creating long term asset bubbles by not raising interest rates.
INTRA DAY TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1283.50
Bullish over $1273.00 with $1303.10 and $1330.10 price target
Bearish below $1261.00 with $1248.00 and $1242.00 as price target
Neutral Zone between $1261.00-$1273
Break point: $1284.00
- Gold needs to trade over $1273 to target $1303-$1333
- There will be sellers only if gold trades below $1273
MCX GOLD DECEMBER – prices in Indian rupees
The inverse correlation between global gold prices and the Indian rupee continues. This implies gold can trade in a wider 29200-30750-32000 range for the rest of the month. Gold prices in MCX gold will fall if it fails to break 32000 by the end of this month or falls below 29000. Today gold needs to trade over 29900 to target 30260-30760.
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, 14 November 2013 | Digg This Article
| Source: GoldSeek.com
