-- Published: Tuesday, 23 September 2014 | Print | Disqus
Gold and silver need to rise today and tomorrow so that laggards who have not yet invested (for the short term) can start to invest. Unless gold and silver show signs of a bottom formation physical buyers as well ETF investors will stay away from market. To me with every big fall in silver, the risk to return ratio is in favor of the buyers. A recovery in the US economy will result in higher demand of goods from China and other nations and thereby a full-fledged global recovery. Higher interest rates in the USA imply that the Federal Reserve is confident that US economic growth will continue to rise.
Silver being an industrial metal looks more attractive to me for investment for a three year period than gold. I believe that bottom fishing never works. As long as spot silver trades over $14.00 there is every possibility of a rise to $27.00 and $35.00 in the next twelve months to eighteen months.
Traders are looking at the developments in the currency markets for a direction in metals and energies. Cautious optimism over continued gains in the US dollar in October is all I can comment. Asian demand for bullion will be at its highest in October. US economic data releases will affect bullion if they are lower than market expectations.
TECHNICAL VIEW
MCX SILVER DCEMBER 2014 – prices in Indian Rupees below
Key long term support is at 38100. A daily close below 38100 for three consecutive days will trigger another wave of selling to 37100 and 35650. However in case silver is able to trade over 38100 till next week then it will rise to 43350 and 46000. Jobbers today watch 39600 all the time.
COMEX COPPER DECEMBER 2014 – current price $305.00
Bullish over $309.00 with $313.80 -$317.10 as price target
Bearish below $306.10 with $303.10 and $298.00 as price target
Neutral Zone between: $306.10-$309.00
- Key weekly support is at $300.20. As long as copper trades over $300 there is still hopes of a rise to $309.30 and $317
- There will be buyers on dips as long as copper trades over $298 till tomorrow.
- Jobbers watch $305.20 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: Tuesday, 23 September 2014 | E-Mail | Print | Source: GoldSeek.com
