-- Posted Tuesday, 19 November 2013 | | Disqus
It seems bulls have given up hope on commodities which are on the verge of falling below key long term supports. Base metals, energies and silver are looking more bearish than in the past three months. One needs to wait and watch before making fresh investment in gold, silver and copper. There are no new developments at the moment.
Gold may get competition from bitcoins and other virtual currencies
Bitcoins and other virtual currencies, like any online-payment system, "may hold long-term promise" and could one day "promote a faster, more secure and more efficient payment system," said Federal Reserve Chairman Ben Bernanke. However, virtual currencies also may pose risks "related to law enforcement and supervisory matters," Bernanke said in a Sept. 6 letter to the Senate Committee on Homeland Security and Governmental Affairs released yesterday.
Our view: Any legalization of virtual currencies only by the USA (and no other nation) can further reduce investment demand for gold and silver. As we live in the virtual world, we should never ignore serious developments and life changing developments which affect our daily lives. In my view virtual currencies can change our lives if and only if they are legalized.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $2025.50
Bullish over $2055.0 with $2156-$2203 as price target
Bearish below $2020 with $1991-$1923 as price target
Neutral Zone between: $2020-$2060
Break point: $2020
- A consolidated fall below $2020 will result in $1989 and $1920
- We prefer a sell on rise strategy as long as silver trades below $2093
MCX CRUDE OIL – prices in Indian rupees below
Crude oil can fall to 5701-5635 and 5606 as long as it trades below 5850. Key long term support is at 5635 and there will be another wave of selling to 5366 if crude oil has a daily close below 5635 for three consecutive days (anytime for the rest of the year).
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
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-- Posted Tuesday, 19 November 2013 | Digg This Article
| Source: GoldSeek.com
