-- Published: Friday, 3 January 2014 | Print | Disqus
There can be more gains in gold if it is able to trade over $1218 today. There are still huge short positions in gold and the more gold rises the more are the chances that short squaring will continue. Silver has been unable to rise as copper prices fell. Silver prices will zoom if both copper and gold prices rise simultaneously. Crude oil prices fell on profit taking and technicals after repeated failures to break past $100.00.
Traders are now taking positions for US December nonfarm payrolls for next week. Physical gold and silver demand from China will be massive before the Chinese New Year of Wood Horse. If gold prices show signs of a sustained rise then physical demand from China and India will be huge and short term investors will also take the plunge and invest. China has said that gold prices have been manipulated by the US and its allies. There is nothing official about it. Western central banks have been manipulating gold and will continue to manipulate gold in order to ensure their currencies are accepted globally. I am not a bitcoin expert but I believe that bitcoin or any other form of emoney has been created by the US government in order to control global currency markets.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1232.00
Bullish over $1221.00 with $1248.80 and $1269.40 price target
Bearish below $1216.00 with $1208.10 and $1196.00 as price target
Neutral Zone between $1216.00-$1221
Break point: $1216.00-$1221
- Gold can rise to $1253.60 and $1269.10 as long as it trades over $1218
- A daily close over $1218 today will be bullish for gold for next week.
MCX GOLD FEBRUARY 2014 – prices in Indian rupees below
Gold can rise to 29114 and 29428 as long as it trades over 28811. There will be sellers only on a consolidated fall below 28811 or gold does not break 29114
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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-- Published: Friday, 3 January 2014 | E-Mail | Print | Source: GoldSeek.com