-- Published: Monday, 11 August 2014 | Print | Disqus
Trading volumes in gold and silver are way below normal. August is the last of the summer months. Gold should rise when trading volumes rise. In case gold does not break and trade over $1370 by the second week of September, then there are huge chances of a fall to $1230 and $1180. (This could be the technical picture). Gold will break free from the $1230-$1280-$1360 range by the end of September and form a new range. Silver looks disappointing and has eroded investor confidence. Physical silver demand from India for the next three months will be crucial. Strong Indian silver demand will ensure that silver rises to at least $23.50 by the end of September and $27.00 by the end of November.
US president Barack Obama is concerned over future genocide committed by ISIS to the Christians and other minorities in Iraq. ISIS has been committing genocide in Iraq and Syria ever since it was formed. US president Barack Obama has turned a blind eye to ISIS killings and beheadings. The reason is that ISIS is sponsored by the USA to control Syrian president Assad and Iran. In the name of aid and in the name of sending defense advisors the USA does all kinds of genocide wherever they land. The Middle East and North Africa region, Afghanistan, Pakistan (US drones killing innocents in Pakistan is a form of genocide) are all examples where USA supports genocide. I earlier believed that Barack Obama would stop the same. But under him over the past five years the USA has supported genocide at its historical best. Obama’s predecessor George Bush has had a far better track record. Barack Obama still has still nearly thirty months in office left. In these thirty months there is a very real possibility of a Russian disintegration and Putin getting a similar fate as that of Saddam Hussein. Gold has to rise in the long term. However in the short term gold investors will use every rise to exit their investments.
Till the US senate elections are over, geopolitical risk will be on the higher side. Foreign policy has been a big failure to Barack Obama government and could result in more losses for his party in the US senate elections. The people of the USA, Europe and the world over are now fully aware of the ways the US government supports (whether direct, indirect, overt or covert) mass killings of innocents all over the world. The US president’s genes are African but he has acted like an eastern European barbarian. He has converted the earth into feudalism. Even ISIS has been inspired by the Americans and have imposed feudalism wherever they rule. Direct and indirect form of feudalism implies the long term death of the US dollar.
MCX GOLD OCTOBER 2014 – PRICES IN INDIAN RUPEES BELOW
This week: Key weekly support is at 28305. There will be another wave of selling if (a) gold falls below 28305 (b) Gold does not break 29142 this week.
Today: There will be another wave of selling if gold trades below 28548 to 28463-28350 and 28067. Only a break of 28858 will resume the 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: Monday, 11 August 2014 | E-Mail | Print | Source: GoldSeek.com