-- Posted Wednesday, 27 November 2013 | | Disqus
US thanksgiving sales over the weekend and next week’s US November nonfarm payrolls could set the short term direction of the US dollar and bullion. A better than expected thanksgiving sale will result in higher expectations of an early tapering and vice-versa.
We just need to wait and watch for the time being for gold and silver. US economic are mixed but will still affect the markets. Better to stay on the sidelines today. Low risk traders please trade carefully till Friday. Physical demand for gold and silver is not there in India and all over Asia. The political developments in the East China Sea need to be closely watched after the USA sent its B52 bombers in the disputed zone.
Gold needs to fall below $1221 or break $1261 for direction. Silver needs to fall below $1951 or break $2036 for direction. The next five days till Tuesday (3rd December) is very crucial for a short term direction of gold and silver.
COMEX SILVER DECEMBER 2013 – current price $1984.50
Bullish over $1970.0 with $2055-$2125 as price target
Bearish below $1936 with $1918-$1986 as price target
Neutral Zone between: $1936-$1970
Break point: $1955-$1989.4-$2019
- Silver needs to trade over $1970 today to target $2020-$2056
- There will be sellers only below $1970
MCX NATURAL GAS – prices in Indian rupees
Three week view: Key long term resistance is at 262 and in case natural gas does not break 262 in the next three weeks then it will fall to 212 and 198. We are against buying natural gas unless it has a daily close over 262 for two consecutive days.
One week view: Failure to break 252 in the next week will result in a fall to 223 and 210
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, 27 November 2013 | Digg This Article | Source: GoldSeek.com