-- Posted Friday, 15 November 2013 | | Disqus
Traders are still cautious going long in gold and silver despite all the positive news in the form a delayed tapering by the Federal Reserve and other positive news. Comments by Yellen that US stock markets are not in a bubble zone suggest that the Federal reserve will taper only when it is sure that it will not put US stock markets in bearish territory. The Federal Reserve has been shouting wolf every now and then but wolf has not yet arrived. The wolf here is taper. So now when the wolf arrives, people and investors will ignore the wolf. This is what exactly the Federal reserve wants the investors to do, ignore the wolf (taper). In short, the Federal reserve and global central bankers are just playing with investor mindset by first feeding them with all kinds of information so that investors and more particularly retail investors react the way they (central banks) want.
INTRA DAY TRADING STRATGEY FOR DAY TRADERS AND JOBBERS
COMEX SILVER: Buy on sharp dips with a stop loss below $2010 for Monday – if the stop loss of $2010 is hit the sell for $1980 and $1912 – Jobbers buy if silver trades over $2080 for $2103-$2123
TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $2078.50
Bullish over $2060.0 with $2156-$2203 as price target
Bearish below $2020 with $1991-$1923 as price target
Neutral Zone between: $2020-$2060
Break point: $2060
- So far so good for silver. But it needs to break $2114 for $2236
- We prefer a buy on sharp dips strategy with a stop loss below $2090
MCX SILVER DECEMBER 2013 – prices in Indian rupees below
Silver will break free from the wider 45500-47600-49200 range and form a new range soon. Before the close of the year MCX silver March 2014 needs to break 51300. In case silver March 2014 does not break 51300 by the end of this year, then it will fall to 45850 and 42200.
Today silver needs to trade over 46400 to target 48200-49200.
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, 15 November 2013 | Digg This Article | Source: GoldSeek.com