-- Published: Friday, 27 June 2014 | Print | Disqus
Gold is stuck between a $1305-$1330 range. This range will be broken soon and a new range will be formed. Silver is looking bullish at the moment and needs to trade over $20.70 to be in a bullish zone.
Traders will be taking positions for next week’s US June nonfarm payrolls on 3rd July (Thursday). Federal Reserve officials have said that US interest rates could rise as early as early 2015. US June nonfarm payrolls will confirm whether this happens or not.
Be prepared for another big one way move in gold and silver anytime. Iraq will be the key.
MCX GOLD AUGUST 2014 – prices in Indian rupees below
Key support till Monday is at 27300 and as long as gold trades over 27300, the chances of a rise to 27968-28303 will be there. Short term bearish trend will be there only if gold does not break 28303 by next Friday (4th July 2014). Jobbers watch 27604 and trade accordingly.
COMEX SILVER JULY 2014 – current price $2107.50
Bullish over $20.64 with $21.31 and $21.72 as price target
Bearish below $20.30 with $20.05-$19.70 as price target
Neutral Zone between: $20.30-$20.64
- Silver needs to trade over $20.70 to target $21.45-$22.10
- 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: Friday, 27 June 2014 | E-Mail | Print | Source: GoldSeek.com