-- Published: Wednesday, 3 September 2014 | Print | Disqus
Gold and silver are looking bearish at the moment and need to trade over $1258 and $1897 to be in bullish zone. Crude oil needs to trade over $92.60 to prevent another wave of selling. Islamic state and Ukraine are the developments to watch. Physical gold and silver demand in Asia will rise today which should limit fall in prices.
Islamic state and UK
UK governments has always allowed to breed Islamic fundamentalists in the land. It has been very easy to raise funds in UK by Islamic fundamentalists. There are more Islamic fundamentalist schools in UK than the whole of Europe and UK combined. UK is the head quarter of global terror network and global terror network financing. UK banks would have been bust but for global terror funds. UK is the safe haven for terrorist and Islamic jihadist. Why would a Pakistani army general Musharaf and also a part of Pakistani terrorist group ISI, be allowed to stay in UK and given state security. Britishers are nothing but war loving mongers and when they cannot go to war start supporting global terror network. Unless UK seriously cracks down to prevent further rise of Islamic fundamentals in its land, the Islamic state will continue to expand. The end result will be higher retail physical gold demand in UK, Europe and USA. Over the coming years a reduction in Asian gold demand (if any) will be more than made up by demand from UK, Europe and USA.
UK created Pakistan and has always supported Pakistan in all its terror adventures by giving aid and all forms of help. There are more hardcore Pakistani terrorist hiding in Pakistan than anywhere in the world. They are used by the UK intelligence and hence are allowed to live freely in UK. There will be a time when UK will become and Islamic nation.
TODAY
US factory orders and Federal Reserve beige book are the US economic data releases. Lower crude oil prices should result in upbeat prospects of US economy by the Federal Reserve. Traders are looking forward to fresh round of trade sanctions on Russia which can be imposed anytime. Russia in isolation will be short term bullish for the greenback and a long term crash for the US dollar.
TECHNICAL VIEW
COMEX SILVER DCEMBER 2014 – current price $1923.00
Bullish over $1935 with $1955 and $1988 as price target
Bearish below $1919 with $1905-$1889 as price target
Neutral Zone between: $1919-$1935
- Silver needs to trade over $1919 today to rise to $1955 and $1976
- We prefer to be on the sidelines
- There will sellers only if silver trades below $1919 either in UK session or US session with $1889 as the key support.
MCX SILVER DECEMBER 2014 – prices in Indian rupees below
Silver needs to trade over 42335 till Friday for bullish to have any hope. As long as silver trades below 42335, there are chances of a fall to 41449 and 40593. Jobbers watch 42335. We would prefer to buy silver if and only if silver trades over 42335 in UK session with a stop loss and without a stop loss if silver trades over 42335 in US session with a price target of 42525 and 42900.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $93.27
Bullish over $94.50 with $97.44 as price target
Bearish below $93.60 with $92.90 and $91.90 as price target
- Back to square one as crude oil needs to trade over $92.60 to prevent another sell off to $90.90 and $89.10
- There will be sellers only below $92.88 today.
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, 3 September 2014 | E-Mail | Print | Source: GoldSeek.com
