-- Published: Tuesday, 12 August 2014 | Print | Disqus
Gold and silver are firm due to developments in Iraq. Iraq's president named a new prime minister to end Nuri al-Maliki's eight year rule yesterday. But the veteran leader refused to go after deploying militias and special forces on the streets, creating a dangerous political showdown in Baghdad. Traders and investors will be closely watching the developments in Iraq and more so in whether US air attacks have been able to control the spread of ISIS.
Physical demand for gold and silver in India will zoom if there is a big fall. Jewelers and other consumers will be looking to stock up for the festive season in September and October. Even we have recommended to our jeweler clients to use any August price dip in silver to increase silver inventory levels.
MCX SILVER SEPTEMBER 2014 – prices in Indian Rupees below
- Silver needs to trade over 100 day moving average of 42876 for the whole of August to rise to 400 day moving average of 46352 (not in the graph above).
- Initial resistance is at 300 day moving average of 44945.
- Further key long term support is at 42200.
- Only a daily close below 42200 for three consecutive days will put silver in a short term bearish zone and/or silver does not break 44945 (300 day MA) by Monday.
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, 12 August 2014 | E-Mail | Print | Source: GoldSeek.com