-- Published: Thursday, 13 March 2014 | Print | Disqus
US economic data flow starts after a lull of three days. This can result in profit taking in gold and copper and energies rising on short covering. Ukraine will be closely watched. Now only the Federal reserve meeting next week can cause a bearish trend reversal in gold. In case gold rises after the Federal reserve meeting, then $1530 will be imminent. Silver will zoom if copper prices start to rise. The correction in copper prices are a part of long term bull rally.
The longer gold trades over $1350, the more it will attract short term investors. Silver is relatively undervalued compared to gold. Silver prices will zoom if copper prices stabilize. We still believe that long term silver is a great investment. Short term we will prefer to use caution for silver investment.
Better to remain on the sidelines
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2014 – current price $1371.50
Bullish over $1360.00 with $1386 and $1411.00 price target
Bearish below $1348.00 with $1337 and $1324.00 as price target
Neutral Zone between $1348.00-$1360
Break point: $1376.00
- A break of $1376 will result in $1396-$1413
- There will be sellers only if gold trades below $1364 either in UK session or US session
MCX GOLD APRIL - prices in Indian rupees below
Key resistance is at 30680 and only a break of 30680 will result in 30960-31125. Initial support is at 30390 with yesterdays low of 30280 as the key intraday support. Jobbers watch 30535 and trade accordingly.
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 email@example.com
Chat Id: firstname.lastname@example.org (gtalk), email@example.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
| Digg This Article
-- Published: Thursday, 13 March 2014 | E-Mail | Print | Source: GoldSeek.com