-- Published: Friday, 12 September 2014 | Print | Disqus
Oversold conditions are there in gold, silver and crude oil. Momentum is bearish. US August retail sales numbers will be the key. A fall in august US retail sales will result in gold, silver and crude oil paring most of this week’s losses. A good number has already been priced in by the markets. Indian demand for gold and silver will rise today as traders take advantage of lower prices. (Yesterday Indian demand for gold and silver was below expectations).
A daily close below $1230 today and a trade below $1230 on Monday’s US session could be devastating for gold. Silver needs to trade over $18.00 to prevent another historical crash.
Russian second round counter sanctions will be closely watched. FOMC meet and Scotland independence vote are the event risk next week.
COMEX TECHNICAL VIEW
MCX GOLD DECEMBER 2014 – prices in Indian rupees below
Key support is at Rs.27090. There will be another wave of selling below 27090 to 26960 and 27878. Overall gold needs to trade over 27315 to be in intraday bullish zone.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $92.58
Bullish over $92.20 with $94.60-$96.10 as price target
Bearish below $90.90 with $89.90 and $87.80 as price target
- Key long term support is at $90.50. Crude oil needs to trade over $90.50 till next week to rise to $97.00
- We prefer a buy on sharp dips strategy with a stop loss below $87.60 for next week.
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: Friday, 12 September 2014 | E-Mail | Print | Source: GoldSeek.com