-- Posted Friday, 29 November 2013 | | Disqus
The recent consolidation phase in gold and silver will be broken anytime soon. Be prepared for very big moves in gold and silver anytime. Gold still needs to break and trade over $1258 for further gains. Silver still needs to break and trade over $1986 for further gains today.
There is not much news on the global economic front. Traders are just taking positions for Christmas and New Year vacations. The momentum as well as sentiment is hyper bearish for gold and silver moving forward in December. However oversold conditions imply there can be a very big rise in gold and silver while maintaining the overall bearish trend. (A) Any indications that tapering by the Federal reserve can move beyond March 2014 will result in gold and silver zooming. (B) Any indications of an early tapering by the Federal reserve as early as January 2014 can trigger the next sell off in gold and silver.
Cyclically base metals have generally risen in December to mid February period. We prefer to use caution going short in base metals in the next two months.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2013 – current price $1967.00
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 $1955 today to target $2005-$2056
- There will be sellers only below $1955
MCX GOLD FEBRUARY 2014 – prices in Indian rupees
Key support is at 29200 and gold needs to trade over 29200 for the whole day to target 29450-29760-30030. There will be sellers only if gold trades below 29200 to 29030 and 28856.
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 Friday, 29 November 2013 | Digg This Article
| Source: GoldSeek.com
