-- Published: Monday, 24 March 2014 | Print | Disqus
- Gold key weekly support is at $1311 and $1319
Current price movement in gold and silver suggests that traders as well as investors are on the sidelines. In case gold and silver fall this week too then every rise will be used to exit short term investments. The next three weeks are very crucial for gold and silver. Traders will now start taking positions for the next quarter as well as March US nonfarm payrolls. The fall in gold and silver is just quarter end profit taking which if it continues into next week will mark the beginning of a medium term bear phase. There is hope and optimism in India that gold imports will be allowed from April, when the new financial year begins. People in India will initially pounce on gold if and when Indian gold premiums fall and there is more availability of gold.
About Ukraine
In my view Mr. Putin is trying to fight a losing battle and has hit the axe in his own foot. The USA and allies are too big to make a war. The United Nations and the World Trade Organization are their creation and under their garb they do all kinds of filth to every nation. Recently Apple was in the news on spending millions to avert a tax liability in Australia. These large US corporations use all kinds of state support to prevent tax liability in every country. They use smaller nations as a dumping ground to sell inferior products and damage the environment in the smaller nations. Mr. Putin in the long term will face a lonely battle. His close supporters will be bought by the USA. There could be USA supported mass public unrest in Russia. At the end Russia could be divided into large numbers of smaller nations with the USA and NATO allies calling all the shots. American style capitalism to me is like a mirage of feel good factor to the masses but involves long term suffering to the masses and creates a very big divide between the rich and poor.
TECHNICAL VIEW
COMEX GOLD APRIL 2014 – current price $1333.50
Bullish over $1326.00 with $1352 and $1373.00 price target
Bearish below $1318.00 with $1311 and $1296.00 as price target
Neutral Zone between $1318-$1326
Break point: $1337.40 and $1327.20
- Key support is at $1311 and gold needs to trade over $1311 this week to be in a short term bullish zone and target $1356-$1392
- Remain on the sidelines. There will be sellers only if gold trades below $1326 either in the UK session or the US session.
MCX GOLD APRIL - prices in Indian rupees below
Key weekly support is at 29672. Gold needs to trade over 29672 to target 29923-30234. There will be sellers if gold trades below 29672 to 29537 and 29307.
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: Monday, 24 March 2014 | E-Mail | Print | Source: GoldSeek.com
