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By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 11 July 2014 | Print  | Disqus 

In my view there are still huge short positions in gold and silver which were accumulated this week till Wednesday (as gold was not breaking past $1330 and silver was not breaking past $2140). There can be more rises if these short positions get squared off. The Israel-Hamas conflict, Portugal’s largest bank Banco Espirito Santo is in trouble are all supporting gold and silver. Still gold has to break and trade over $1366 for another set of rise to $1430-$1520. In case gold does not break $1366 by Monday, then profit taking will creep in. Silver has to break and trade over $21.70 for another set of rise. Further price movement in gold and silver will be dictated by developments in Israel for now.

Indian jewelers and the bullion industry is disappointed that the custom duty has not been cut gold and silver. In my view the government will review the same around middle of September (once the impact of bad monsoon rains are known). I still have hope that there will be a custom duty cut on gold and silver before the middle of October.

Next week there are a lot of key US economic data releases. If gold still rises after the release of these numbers then there is huge probability of a rise to $1520 for gold and $2575 for silver in the coming four to six weeks. The next seven trading sessions are very crucial for gold and silver as they have a chance to break past last years highs.

Middle East continues to be a cause of concern for everyone.

TECHNICAL VIEW

MCX SILVER SEPTEMBER 2014 – prices in Indian rupees below

Silver can rise to 46583-48003-50511 as long as it trades over 45586. There will be sellers only if silver trades below 45586 either in UK session or US session.

Silver view for next week: Silver can rise to 50511 and 52165 as long as it trades over 44800. Bearish trend will be there if silver does not break 48500 till next week or silver falls below 44800. Those who are short in silver need should preferably use a stop loss over 48500.

Jobbers watch 46100 and 46500 and take positions 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 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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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