-- Published: Tuesday, 15 July 2014 | Print | Disqus
COMEX FUTURES REPORT
Inability of gold to break past $1350 resulted in profit taking. All is not over for gold and silver. They need to trade over $1288 and $20.70 to prevent further selling. Large speculators are playing with the mind of retail investors. Just when the retail investor started buying/investing in gold and silver it fell. Retail investors yesterday got the shivers as gold and silver fell. All is not over yet for retail investors. There is still hope. I have never believed in Monday’s price swings. In case Yellen testifies that interest rates will not rise by early next year, gold and silver could witness another wave of rise. US June retail sales have to beat street expectations by a huge margin to have an impact on the US dollar.
Gold needs to trade over $1302 till tomorrow to prevent another sell off. Silver needs to trade over $2070 to prevent another sell off. Copper and crude oil are in a neutral zone.
TECHNICAL VIEW
MCX GOLD AUGUST 2014 – PRICES IN INDIAN RUPEES BELOW
Key support is at 27570. Gold needs to trade over 27570 to target 28070-28399. There will be another wave of selling only below 27570 to 27200-26967
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: Tuesday, 15 July 2014 | E-Mail | Print | Source: GoldSeek.com
