-- Published: Thursday, 10 July 2014 | Print | Disqus
We expect India to the cut custom duty on gold and silver imports by two percent today in the finance budget. If this happens gold and silver could see another wave of rise. Gold and silver demand will be huge. Anyways the festive season in India begins from next week for a period of four months. FOMC minutes have indicated an end to quantitative easing in October. I still think that there will be a bigger time lag (than markets expect) between the end of QE and a real interest rate hike. In fact real interest rates in the USA may never be hiked if inflation continues to rise.
Technically gold and silver are in a neutral zone to bullish zone. However gold needs to break and trade over $1355 by Monday to avert a sell off. Silver can rise to $23.00 in the short term as long as it trades over $20.70.
There will be blips of sharp one way moves followed by periods of consolidation.
TECHNICAL VIEW
MCX GOLD AUGUST 2014 – prices in Indian rupees below
Gold has to break and trade over 27900 for another set of rise to 28050-28325-28900. In case gold does not break 27900 today then it will fall to 27269 and 26862 first. Jobbers need to watch 27652 all the time and take positions.
In case one is long we prefer to use a stop loss below 26800. In case one is short we prefer to use a stop loss over 28060.
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: Thursday, 10 July 2014 | E-Mail | Print | Source: GoldSeek.com
