-- Published: Monday, 22 September 2014 | Print | Disqus
Indians have postponed their gold and silver purchases as they are not showing signs of a bottom formation. Oversold conditions are there in gold and silver. The US dollar will be the key. Big gains in the greenback this week can result in long term buy stop losses being triggered in gold and silver. Gold and silver valuations are more or less near fundamentals.
Traders will be taking positions for October nonfarm payrolls next Friday apart from position building for the next quarter. Lower crude oil prices will be bullish for bullion as it delays an interest rate hike by the Federal Reserve.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1213.90
Bullish over $1226 with $1245.60 and $1262.0 price target
Bearish below $1212.00 with $1205.50 and $1194.40 as price target
Neutral Zone between $1212 and $1226
- Gold needs to trade over $1202.00 to rise to $1231 and $1262
- There will be sellers only below $1209 with $1194 as the key support
- Jobbers watch $1212 all the time.
MCX GOLD DCEMBER 2014 – prices in Indian Rupees below
There will be another wave of selling below 26540 with 26210 and 25980 as the key support. Gold needs to trade over 27870 to be in an intraday bullish zone. Jobbers watch 26660 and 26870 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $92.10
Bullish over $92.20 with $93.70-$95.20 as price target
Bearish below $91.20 with $90.60 and $89.40 as price target
- Key weekly support is at $89.60. Crude oil needs to trade over $89.60 to rise to $97.98. (In the next three weeks).
- Initial resistance is at $92.80 and we prefer to buy crude oil if and only if it trades over $92.80.
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, 22 September 2014 | E-Mail | Print | Source: GoldSeek.com
