-- Published: Monday, 23 June 2014 | Print | Disqus
Iraq violence can result in gold and silver rising to $1400 and $25.00. US economic data releases will have an impact if and only if the same surprises to the upside. Any below par US economic data releases will result in adding fire to the bullish direction in gold and silver.
Crude oil prices will be the key. The more gold and silver rise, the more there will be short covering. There can be new short term investment demand if the outlook is on the higher side.
Silver July futures are closing in the next week. There will be position squaring and rebuilding before futures close. Momentum is certainly bearish for gold, silver, copper and crude oil.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2014 – current price $1312.00
Bullish over $1307.00 with $1326.00 and $1348.00 price target
Bearish below $1297.00 with $1287.00 and $1267.00 as price target
Neutral Zone between $1297 and $1307
- Gold needs to break $1337, else it will trade in a $1292-$1307-$1337 range.
- Initial support is at $1307
- There will be buyers on dips as long as gold trades over $1290
COMEX COPPER JULY 2014 – current price $313.10
Bullish over $309.10 with $319.00 -$326.0 as price target
Bearish below $305 with $303.10 and $299.10 as price target
Neutral Zone between: $305-$309.10
- Key resistance is at $317 and a break of $317 will result in $323-$327
- There will be buyers on dips as long as copper trades over $309 today
NYMEX CRUDE OIL (1ST CONTRACT) - current price $107.14
Bullish over $105.80 with $108.90 and $113.20 as price target
Bearish below $104.80 with $103.80 and $102.20 as price target
- Key resistance is at $109 and only a break of $109 will result in $113 and $120
- There will be buyers on dips as long as crude oil does not break $105
- Remain on the sidelines.
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 Chintan Karnani
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
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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.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Monday, 23 June 2014 | E-Mail | Print | Source: GoldSeek.com