-- Posted Thursday, 21 November 2013 | | Disqus
There have been a lot of comments by Federal Reserve speakers expressing dissatisfaction over the pace of the recovery in the unemployment rate, yet gold and silver are continuing to fall. The fall in gold and silver will result in more and more short term traders reversing their short term long positions into short positions. The momentum is hyper bearish for gold and silver.
There is nothing new over FOMC October minutes signaling tapering over the coming months. However the fall in Chinese manufacturing PMI suggests that base metals and energies will trade with a softer bias. The People’s Bank of China signaled it no longer benefits China to increase its foreign currency reserves that now exceed a record $3.7 trillion. This is an indication that in the long term China will not increase its investment in US treasuries. Probably China will use excess currency reserves to boost its reach for scarce natural resources and increase its food reserves. We believe in the long term China will further increase its gold reserves.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $1979.50
Bullish over $2020.0 with $2055-$2125 as price target
Bearish below $1996 with $1976-$1936 as price target
Neutral Zone between: $1996-$2020
Break point: $1989.4
- Silver can fall to $1920.95 and $1866.70 as long as it trades below $2020
- Key price to watch today is $1989.40
MCX SILVER DECEMBER – PRICES IN INDIAN RUPEES
Silver can fall to 44490 and 42292 as long as it trades below 45726. Key long term support is at 44490 and a daily close below 44490 today and tomorrow will result in 37874 (assuming the Indian rupee does not break 64.00 against the US dollar in the inter-bank market). Jobbers and day traders need to watch 44490 and take positions accordingly.
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, 21 November 2013 | Digg This Article
| Source: GoldSeek.com
