-- Posted Thursday, 19 December 2013 | | Disqus
Tapering by the Federal Reserve of $10 billion a month will be bearish for gold and silver. Traders will be using every rise to exit long positions in gold and silver and add to short positions. Ben Bernanke said the purchases would likely be cut at a "measured" pace through much of next year if job gains continued as expected, with the program fully shuttered by late-2014. Our view on tapering: The future of tapering will be dependent on jobs growth in the USA and a fall in the jobless rate.
We prefer a sell on rise strategy as long as gold does not break $1273 for the rest of the month. Silver is in the middle of the road and needs to trade over $1968 to be in a bullish zone. There will be sellers on a rise as long as silver trades below the $1968-$1988 zone.
Further losses in gold will be there only on a consolidated fall below $1210. Further losses in silver will be there today only on a consolidated fall below $1935.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1219.30
Bullish over $1233.00 with $1242.90 and $1253.40 price target
Bearish below $1217.00 with $1205.90 and $1187.20 as price target
Neutral Zone between $1221.00-$1233
Break point: $1219.00
- Gold needs to trade over $1219 to be in a bullish zone
- Key support is at $1210 and there will be another big wave of selling if gold does not break $1210 or gold does not break $1238 today.
MCX COPPER FEBRUARY 2014 – prices in Indian rupee below
Copper can rise to 470-482.50 as long as it trades over 457.00. There will be sellers only below 457 or if copper does not break 470 by Tuesday.
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 Thursday, 19 December 2013 | Digg This Article
| Source: GoldSeek.com
