-- Published: Monday, 15 September 2014 | Print | Disqus
The Federal Reserve meeting will be the key this week. Anything is possible not just for commodities but for the US dollar and global equity markets. The sentiment is hyper bearish for gold and silver. There are too many short positions in gold and silver at the moment. There can be a rise of $50-$60 anytime in gold while maintaining the bearish trend intact. Silver needs to trade over $17.70 for the rest of the year to prevent a long term technical breakdown.
Over the weekend I was watching CNN. One of the telecasts on Fallujah, Iraq showed how the US army had used Uranium tipped weapons when they were in Iraq. Now the depleted Uranium is resulting in a very large number of newborn babies getting diseases caused due to excess exposure to radioactive substances. The telecast further said that if NATO wants, the Middle East can be in peace in just one week if weapons supplies are stopped by everyone and financial aid is stopped to everyone. This just sums it up. None of the so called western powers want any kind of war to be stopped in the Middle East or anywhere in the world. France which was not a NATO supporter for such causes has jumped onto the bandwagon just to divert people’s mindset from the recession which Frenchmen are facing. I am writing the above article for the cause of children of the Middle East and North Africa region whose suffering I cannot imagine.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1228.80
Bullish over $1234 with $1245.10 and $1262.0 price target
Bearish below $1224.00 with $1218.10 and $1209.10 as price target
Neutral Zone between $1224 and $1234
- Gold needs to trade over $1227 to rise to $1245 and $1262
- Trade very carefully between the $1227-$1234 zone.
- There will be sellers if gold trades below $1230 either in the US session or the UK session.
- Jobbers watch $1230 all the time.
MCX GOLD DECEMBER – prices in Indian rupees below
Gold needs to trade over 26960 to rise to 27243 and 27592. There will be another wave of selling only below 26960. Jobbers watch 27135 all the time.
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, 15 September 2014 | E-Mail | Print | Source: GoldSeek.com
