-- Posted Wednesday, 20 November 2013 | | Disqus
This is the time best time for gold and silver to make another big upward move and more so after Bernanke’s comments on interest rates. Federal Reserve Chairman Ben S. Bernanke said the labor market has shown “meaningful improvement” since the start of the central bank’s bond-buying program and that the benchmark interest rate will probably stay low long after the purchases end. This is an indication that interest rates in the USA will remain near zero for a long term of time. However the Federal Reserve will have a change of guard next near year and new changes will be there despite policy continuity.
The Chinese central bank has said that it will be widening the trading band of the Chinese Yuan and also the flexibility. This is a baby step towards garnering more yuan share in world trade.
A clarification
The oldest reader of my reports at goldseek.com George Allan Bloom sent me this message on facebook “virtual coins will never be legal tender in the USA and I definitely do not understand the reasoning behind metals value falling on less demand if bitcoins were. Silver and gold markets are so thin and when one billionaire has enough money to buy all the above ground silver there is, that is a miniscule market. Near term pre delivery open interest bears monitoring daily in the December contract. Will be adding to positions soon in futures and also AGQ”
All I can say is that virtual currencies will take a few more years to legalize. They will continue by side by side with the current currency system. If and when there are hints of legalization they will reduce the pace of rise of gold and silver and not the rise. Anyways the future uses of silver as a key metal to reduce global warming implies that in future physical silver will be priceless.
TODAY
Intraday traders are having a difficult time to trade. Writing is very easy but trading is very difficult.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1274.70
Bullish over $1277.00 with $1295.40 and $1313.10 price target
Bearish below $1269.00 with $1254.00 and $1242.00 as price target
Neutral Zone between $1269.00-$1277
Break point: $1269.00-$1277.00
- Gold can rise to $1284-$1296 as long as it trades below $1261
- There will be another wave of selling if gold trades below $1261 in US session
MCX GOLD DECEMBER – prices in Indian rupees
Yesterday’s low of 29954 has to be broken for another sell off to 29756-29556. As long as gold trades over 29554 it can rise to 30515-30756. Key price to watch today is 30256
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 Wednesday, 20 November 2013 | Digg This Article
| Source: GoldSeek.com
