-- Posted Monday, 9 December 2013 | | Disqus
The imposition of air defence zones by China and South Korea needs to be looked at seriously. This could be the precursor to a global phenomenon wherein nations starts to impose air defence zones in places of their own strategic interest. For now, China, Japan and South Korea are involved due to bully attitude by China. I think other nations will take cues from China and try and use it for their own benefit. Any escalation of tensions in East China sea and Sea of Japan will result increased geopolitical risk and higher safe haven gold demand from the people of this region. We need to keep a track of new developments seriously.
The fall in US unemployment rate in November did not have much impact on gold and silver. US retail sale numbers on Thursday will be the key. Traders will now start taking positions for next weeks Federal reserve meet. Gold and silver bulls could also benefit from year end short covering.
What the Indian state election result imply for India as the congress party has been routed
· It is a mandate against extreme corruption and ill governance.
· It is a mandate against politicians who have tried to divide the nation on religion, caste creed and all forms of division.
· The message is simple work or get routed for the elected representatives.
· Once time populist measures like giving free tabs and free electricity to farmers and others will not work in the future elections.
· The increase in voter turnout by the people living in cities is a vote by the educated people who probably most of them have never voter in their lives and increasing urban population which Indian politicians consider as untouchable. (Hopefully government will now work to better the daily lives of people in cities instead of the early treatment like that of dirty rotten scoundrels).
· What the “Aam Aadmi Party” (AAP) implies for the people of India: The message is simple “be reachable to the people of your constituency do not ignore people grievances and do not become a ghost once you get elected.
· Last but not the least, kudos to the election commission of India for increasing the number of voting booths so that people do not have to stand in long ques.
TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1227.30
Bullish over $1221.00 with $1252.90 and $1270.80 price target
Bearish below $1205.10 with $1192.40 and $1171.00 as price target
Neutral Zone between $1205.00-$1221
Break point: $1233.90
- Gold can rise to $1252.80 and $1270.80 if it is able to trade over $1205
- There will be another wave of selling only below $1205
MCX GOLD FEBRUARY – prices in Indian rupee below
Weekly view: Gold needs to break 29573 for another big wave of rise. In case gold does not break 29573 till Friday then it will fall to 28292 and below.
Today’s gold view: Gold needs to fall below 28719 or break 29176 for direction. Initial support is at 28935.
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 Monday, 9 December 2013 | Digg This Article
| Source: GoldSeek.com
