-- Published: Friday, 28 February 2014 | Print | Disqus
- A daily close over $1314 today technically will be bullish for gold for the month of March.
- A daily close over $2074 today technically will be bullish for silver for the month of March 2014.
GDP numbers and Michigan consumer sentiment are the key data releases today. Federal reserve chairman yesterday suggested a delay in tapering. There will not be a taper at every meeting. US economic growth in the months of March and April will be the key. Gold will crash to $1045 if and only if US economic growth rises in the month of March and April.
Technically gold and silver are in a neutral zone to bullish zone. Copper is mildly bearish. Silver needs to trade over $2120 today to prevent a sell off. Better to remain on the sidelines. Traders will now take positions for next Fridays US February nonfarm payroll.
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2014 – current price $1333.20
Bullish over $1335.00 with $1347 and $1363.00 price target
Bearish below $1327.00 with $1319 and $1307.60 as price target
Neutral Zone between $1327.00-$1335
Break point: $1335
- Gold needs to trade over $1329 today to target $1347-$1358
- There will be sellers only if gold trades below $1329 either in the UK session or the US session to $1319 and $1306
MCX GOLD APRIL 2014 - prices in Indian rupees below
Today's view: There is a mini double bottom at 29880 which suggests that gold can rise to 30323-30500 as long as it trades over 29880. Initial support is at 30023 and there will be sellers if and only if gold trades below 30023 either in UK session or US session.
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 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.
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-- Published: Friday, 28 February 2014 | E-Mail | Print | Source: GoldSeek.com