-- Published: Thursday, 24 July 2014 | Print | Disqus
Our view on IMF forecast: Tensions in Ukraine, Israel and Iraq and its impact on global energy prices will be the key. Any stabilization of crude oil prices will result in stronger global growth. Gold and silver will have another short term huge burst in prices if there are any indications that a US interest rate hike will be postponed beyond March of next year. After a near crisis situation last year, emerging market policy makers have started laying foundation for the next batch of higher economic growth. We continue to remain bearish on Eurozone economic growth prospects in view of Russian sanctions.
Technically gold and silver are looking bearish at the moment. Gold can fall to $1286 and $1276 as long as it trades below $1304. Silver can fall to $20.64 and $20.33 as long as it trades below $21.03.
There is not much news at the moment. The longer gold does not break and trade over $1326, the higher are the chances of a fall to $1276 and $1240.
Gold jewelry demand of gold in India should rise from next week.
TECHNICAL VIEW
MCX GOLD AUGUST 2014 – prices in Indian rupees below
Key support is at 27812 and gold needs to trade over 27812 to prevent a sell off to 27586-27212. Overall gold is bearish as long as it does not break 28060.
MCX NATURAL GAS JULY 2014 – prices in Indian rupees below
There was a double top formed at 222 long ago. Natural gas needs to trade over 222 to prevent a sell off to 210 and 188. Natural gas needs to break and trade over 236 to be in an intraday bullish zone.
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, 24 July 2014 | E-Mail | Print | Source: GoldSeek.com
