-- Posted Tuesday, 26 November 2013 | | Disqus
There is profit taking in stock markets as well as commodity markets which has resulted in the current rise. Traders and investors are booking profits in gold and silver short positions which has contributed to the rise. There is not much news at the moment. The Iranian hype is over for gold and silver bears. In case gold and silver fall further today and/or stay firm then it can rise to $1276-$1296 (gold) and $2140 (silver). We prefer a buy on dips strategy as long as gold trades over $1215 and silver trades over $1936 for the rest of the week.
Since gold and silver have fallen in comex December future, I believe that in comex February future gold and silver may not fall as much as they have fallen in comex December future. Key long term support for gold is at $1142 and only a daily close below $1142 for three consecutive days will move gold in a long term bearish zone. As long as gold trades over $1142, downside risk will be limited.
The long term bullish trend is intact for gold and silver. The fall in gold and silver (if any) may not last beyond the first quarter of next year. The net short positions in gold and silver are very huge. If any large traders ask for delivery in comex futures then there will be a parabolic rise in gold and silver.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1252.00
Bullish over $1232.00 with $1261.40 and $1286.00 price target
Bearish below $1224.00 with $1212.00 and $1198.00 as price target
Neutral Zone between $1224.00-$1232
Break point: $1232.00-$1255.00
- The technical correction in gold is over and it can rise to $1286 as long as it trades over $1225-$1235 zone
- There will be a technical break down only below $1225
MCX GOLD DECEMBER – prices in Indian rupees
Key resistance is at 30655 and a break of 30655 will result in 31164-31269. Support starts at 30149 and there will be sellers only below 30149 to 30069 and 29742.
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
Customer care: 9311139549
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
-- Posted Tuesday, 26 November 2013 | Digg This Article | Source: GoldSeek.com