-- Published: Monday, 10 February 2014 | Print | Disqus
- The next Federal reserve meeting is on 18-19 March -- by this time there will be more clarity in the progress of the US economy -- US economic data releases until 19th March will be the key as it will decide whether further tapering is needed or not.
- Tuesday, 11th February: Federal Reserve new chairman's first testimony to the US senate will be the key. Any views on stabilization of US economic growth and hints of a taper beyond March 2014 will be bullish for gold with possibilities of $1326 in the near term.
- Thursday, 13th February: US January retail sale numbers will be the key. A bad numbers or a way below expectation number will be bullish for bullion. However cold weather effects will need to be taken into account before taking a short term call on bullion.
- Technically gold, silver, copper and crude oil are all bullish.
This is the best chance is for gold to rise to the $1296-$1326 zone. Silver can rise to $2100 and $2325 by next week if it is able to trade over $1940. Crude oil will remain firm on Japanese snowfall. Physical demand for gold and silver will be high across Asia in case gold is able to trade over $1247 this week. Chinese demand for copper and base metals should prevent it from a big crash. China will slowly open as the week progresses.
US January nonfarm payrolls has been mixed. We expect a further rise in US employment numbers from March onwards.
TECHNICAL VIEW
COMEX SILVER MARCH 2014 – current price $1997.00
Bullish over $1969.00 with $2028 and $2078 as price target
Bearish below $1948 with $1912.00-$1890.0 as price target
Neutral Zone between: $1940-$1964.00
Break point: $1948-$1964
- Silver needs to trade over $1970 today to target $2028-$2078
- Silver will crash if and only if copper and gold both fall.
- There will be buyers on dips as long as silver trades over $1940
MCX SILVER MARCH 2014 - prices in Indian rupees below
Silver needs to trade over 44076 to target 44923-45535. There will be sellers only if silver trades below 44076 either in the UK session or US session or in case silver does not break 44923 today. We prefer to buy if and only if silver trades over 44556 either in the UK session or US session with a stop loss below 44055
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
UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME base metals daily inventories
US session starts at 7pm pm Indian Standard Time (+5:30 GMT)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Monday, 10 February 2014 | E-Mail | Print | Source: GoldSeek.com
