-- Published: Thursday, 28 August 2014 | Print | Disqus
Traders will now be taking positions for next week’s US August nonfarm payrolls and key central bank meetings over the next two weeks. The summer trading period is coming to an end. Trading volumes as well as intraday volatility will rise in gold, silver and copper in September. Indian demand for gold and silver will be high in September.
I will be looking forward to the direction of global equity markets in September and more so for clues on quarter end profit taking signals. There should be an inverse relation between bullion and global equity markets in September and October. Demand will also be the key to gold and silver prices.
The death of the ISIS fighter hailing from the USA is a cause of concern globally. It seems that ISIS has succeeded in attracting youths from NATO members. The spread of ISIS makes me believe that one should increase gold in his investment portfolio for next year.
In the September-October period as long as gold trades over the $1230-$1255 zone downside risk will be limited. In the September-October period silver needs to trade over $18.50 to rise to the $23.00-$25.00 zone. I am more optimistic in silver than gold as I expect Indian demand to be the sole cause for the silver price to zoom. Physical silver demand in India will be massive if prices fall below Rs.39000 per kilogram from the current price around Rs.42500 per kilogram.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1287.00
Bullish over $1280 with $1292.30 and $1303.00 price target
Bearish below $1272.00 with $1264.70 and $1243.60 as price target
Neutral Zone between $1272 and $1280
- Gold can rise to $1301 today if it is able to trade over $1272
- One needs to trade very carefully between the $1272-$1285 zone.
- Jobber watch $1287 all the time
MCX CRUDE OIL (1ST CONTRACT) - PRICES IN RUPEES BELOW
Key long term support is at 5640. As long as crude oil trades over 5640, there is still hope of a rise to 5760-5900. There will be a technical break down if crude oil trades below 5640 anytime in the US session. Jobbers watch 5700.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $93.90
Bullish over $93.60 with $95.20 and $97.30 as price target
Bearish below $90.60 with $89.10 and $87.80 as price target
- Crude oil can rise to $95.20 and $97.00 as long as it trades over $92.00
- Jobbers watch $94.10
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, 28 August 2014 | E-Mail | Print | Source: GoldSeek.com
