-- Published: Thursday, 23 January 2014 | Print | Disqus
Gold and silver are looking bearish at the moment and need to trade over $1230 and $1960 to prevent another wave of selling. There will be some mild US economic data today. Buy stop losses will be triggered if gold and silver fall either in UK session or US session. Crude oil and natural gas have risen on severe cold wave conditions in USA. Energies are looking bullish at the moment.
Better to remain on the sidelines today despite the bearish trend.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1233.00
Bullish over $1247.00 with $1253.10 and $1262.20 price target
Bearish below $1242.00 with $1230.10 and $1209.10 as price target
Neutral Zone between $1242.00-$1247
Break point: $1230.10
- Gold will another wave of big selling if it trades below $1230
- In case gold does not break $1255 by next Thursday then the chances of a fall back to $1180 will be very high.
MCX GOLD FEBRUARY 2014 - prices in Indian rupee below
Failure to break and trade 29490 by next Friday will result in a fall back to 28885 and 28590. Today there will be sellers on rise as long as gold does not break and trade over 29300.
Key intraday support is at 29140 and there will be another wave of selling below 29140 to 29040 and 28780
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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