-- Posted Tuesday, 10 December 2013 | | Disqus
The rise in gold and silver is more due to short covering before US retail sales numbers and the Federal Reserve meeting which can continue today also. A weaker US dollar against the euro and cable will also prevent big falls in commodity prices. Markets will be trying to gauge the impact of the imposition on the Volker rule which imposes ban on proprietary trading by banks and other financial institutions.
We prefer a buy on dips strategy as long as gold trades over $1220 and a buy on dips strategy as long as silver trades over $1930. There is no major US economic data release today. However gold still needs to break and trade over $1259 for another big wave of rise.
The only risk to my bullish view on gold and silver is hints of tapering by the Federal Reserve as early as in next week’s Federal Reserve meeting. It is better to be prepared for surprises in Ben Bernanke’s key last meeting as Federal Reserve Chairman. January’s Federal Reserve meeting will be important.
TECHNICAL VIEW
COMEX SILVER MARCH 2014 – current price $1976.50
Bullish over $1931.0 with $2008-$2064 as price target
Bearish below $1915 with $1896-$1856 as price target
Neutral Zone between: $1915-$1931
Break point: $1959.50
- Silver needs to break and trade over $2008 for $2045-$2115.
- Key intraday support is at $1945
MCX SILVER MARCH 2014 – prices in Indian rupees below
Key resistance is at 44658 and silver needs to break and trade over 44658 for further gains to 45074-45731. Supports starts at 44091 with 43493 as key weekly support. Bearish trend in silver will be there only if it does not break 44658 by Thursday. Better to remain on the sidelines in silver.
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, 10 December 2013 | Digg This Article
| Source: GoldSeek.com
