-- Posted Tuesday, 17 December 2013 | | Disqus
Traders are eyeing the Federal Reserve meeting to assess the interest rate scenario. The current Federal Reserve chairman Ben Bernanke has been much more transparent than his predecessors. However on tapering issues he has been as hawkish as one can be. I just hope he is able to deliver a clear stance on a short term clear and precise view on US interest rates. Trading volumes will fall once the Federal Reserve meeting is over as a lot a traders will unwind their positions or hedge their open positions before leaving for Christmas.
Gold needs to break $1273 by Friday else it will fall to $1210 and then rise. Copper needs to trade over $333 to target $343-$353. Crude oil needs to trade over $96.00 for the rest of the week to target $98.80-$100.20.
A bit on Indian gold demand
There is huge speculation in India, that the government will re-allow gold imports. This is the reason why physical gold premiums have fallen 0.50% in India yesterday and a stronger rupee has further added to the fall in Indian gold premiums. If the government of India allows gold imports in India then global gold prices will not fall as much as traders expect. In the next three months India should see a period of falling inflation and stable growth, which implies that people living in rural India will continue to buy gold, buy hook or by crook. Rural India is the biggest consumer of gold in India and I see Indian rural gold demand to rise in the next three months.
TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1241.10
Bullish over $1233.00 with $1252.90 and $1268.40 price target
Bearish below $1217.00 with $1205.90 and $1187.20 as price target
Neutral Zone between $1221.00-$1233
Break point: $1243.50
- Gold can rise to $1258.60 and $1282.20 as long as it trades over $1238
- Key intraday support is at $1238.20 and there will be sellers only if trades below $1238.60 to $1232 and $1219
- Buy stop losses will be triggered till Friday only if gold falls below $1216
MCX SILVER MARCH 2013 – prices in Indian rupees below
Silver needs to trade over 45132 for the whole day to target 45854-46271. There will be sellers only below 45132 to 44715. Key intraday support is at 44715 with 43593 as the key support for the rest of the month.
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, 17 December 2013 | Digg This Article | Source: GoldSeek.com