-- Published: Friday, 21 March 2014 | Print | Disqus
- A daily close below $1319 today will be bearish for gold tomorrow
- Silver needs to trade over $2009 till next week to be in a bullish zone
New sanctions have been imposed on Russia by the USA. There can be short covering by gold and silver traders which can result in a rise. One needs to remain on the sidelines for the energies trade. Another wave of selling will be there if and only if gold trades below $1310 or gold does not break $1342. Copper can rise to $411-$419 by next week if it is able to trade over $286. Crude oil needs to trade over $98.20 to be in a bullish zone.
Weekend developments in Europe will be the key.
COMEX GOLD: Buy around $1319 stop loss $1307 for $1352 -- jobbers watch $1338
COMEX SILVER: Buy around $1970-$1980 stop loss $1933 for $2103 -- jobbers buy silver if it trades over $2045 either in the UK session or the US session stop loss $2025 for $2064-$2096
COMEX COPPER: Buy on dips with a stop loss below $385
NYMEX CRUDE OIL: Sell around $100.20 stop loss $101.90 for $98.20-$97.10 -- jobbers watch $98.20
COMEX GOLD APRIL 2014 – current price $1333.10
Bullish over $1326.00 with $1352 and $1373.00 price target
Bearish below $1319.00 with $1307 and $1296.00 as price target
Neutral Zone between $1319-$1319
Break point: $1324.80-$1338
- Key support is at $1326 and there will be another wave of selling if gold trades below $1326 either in UK session or US session.
- Only a consolidated break of $1338 will resume the bullish direction.
MCX GOLD APRIL - prices in Indian rupees
Gold needs to trade over 29639 to target 29919-30060-30260. There will be another wave of selling if gold trades below 29639 either in the UK session or the US session to 29530 and 29242. Jobbers watch 29814 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.
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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
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-- Published: Friday, 21 March 2014 | E-Mail | Print | Source: GoldSeek.com