-- Published: Wednesday, 30 July 2014 | Print | Disqus
Gold and silver are looking mildly bearish at the moment and need to trade over $1303 and $20.70 to attract buyers. Russia and other anti US central banks increasing their gold reserves has not had a huge impact on bullion. Geopolitically speaking the next three months until October will be very crucial for bullion. On one hand Asians are ready to gobble up gold and silver on any major price fall. Asia will ignore rumors of a huge long term crash in gold and silver. They are educated enough to understand the American game in the American way. On the other hand the USA will try to ensure that gold and silver prices crash (maybe below $1000) so that nations with huge gold reserves sell/lease their gold and increase their US dollar reserves. This will result in a zig-zag price pattern.
US July private ADP numbers will be the key. Incoming US economic data releases in July suggest a stronger number. Better to remain on the sidelines.
TECHNICAL VIEW
MCX GOLD OCTOBER 2014 – PRICES IN INDIAN RUPEES BELOW
One week view: Failure to break and trade over 28412 in the next week will result in a fall to 27360 and 26920 first and then a rise. Key price to watch for next one week 27960.
Today’s view: Jobbers watch 27960 all the time. Gold has to fall below 27800 or break and trade over 28100 for further gains.
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: Wednesday, 30 July 2014 | E-Mail | Print | Source: GoldSeek.com
