-- Published: Tuesday, 11 March 2014 | Print | Disqus
There are no major US economic data releases today. It will be a technical trade with Ukraine developments as the key. Concerns over Chinese economic growth have resulted in a fall in base metal prices. The longer gold trades over $1326 on daily closing basis the higher are the chances of a rise to $1360 and $1392. Silver and copper need to trade over $2048 and $298 on daily closing basis to target $2225 and $321.
News will be the key. Indian physical gold buyers will be looking forward to big price falls to buy gold. They are waiting for now. The Hindu summer marriage season will start from next month till July. Those who have their marriages and plan to marry this summer will be using the gold price fall to buy gold. There is a lot of speculation in India that the gold import custom duty will be cut. We expect this to happen in the first week of April.
COMEX GOLD APRIL 2014 – current price $1339.80
Bullish over $1335.00 with $1347 and $1356.00 price target
Bearish below $1329.00 with $1324 and $1317.00 as price target
Neutral Zone between $1329.00-$1335
Break point: $1342.20
- Key intraday support is at $1333 and gold needs to trade over $1333 to target $1352-$1369
- There will be sellers only if gold trades below $1333 either in the UK session or the US session
MCX GOLD APRIL - prices in Indian rupees below
Two week view: As long as gold trades over 29800 the chances of a rise to 30650-30800 are very high. A bearish trend will be there will be there if gold does not break 30650 in the next two weeks and/or gold falls below 29800.
Today’s view: Gold needs to trade over 30060 to target 30360-30550. There will be sellers if and only if gold trades below 29980 either in the UK session or the 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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm 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
Customer care: 9311139549
You can also mail your queries at firstname.lastname@example.org
Chat Id: email@example.com (gtalk), firstname.lastname@example.org (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
| Digg This Article
-- Published: Tuesday, 11 March 2014 | E-Mail | Print | Source: GoldSeek.com