-- Published: Thursday, 25 September 2014 | Print | Disqus
Sharp gains in the US dollar resulted in the fall in gold and silver. Gold and silver are in a neutral zone. Gold has not fallen below $1200. Silver has not fallen below $17.00. There is still a positive hope as long as these prices hold. The Euro/usd having a sustained fall below 1.2730 can trigger another quick sell off in gold, silver and copper. US economic data releases are on the higher side of street expectations. This has resulted in more short positions getting created in gold and silver.
Indian buyers will stay away if gold and silver prices do not show signs of a bottom formation. The US dollar will be the key. Next week is a holiday week in India. Jewelers will stock up gold and silver before next Wednesday.
Crude oil rose after the USA bombed refineries held by the Islamic State.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1214.40
Bullish over $1219 with $1229.10 and $1247.60 price target
Bearish below $1212.00 with $1206.70 and $1194.40 as price target
Neutral Zone between $1212 and $1219
- Gold needs to fall below $1205 or break and trade over $1224 for direction.
- There will be sellers if and only if gold trades below $1212 in the UK session or the US session.
- Key support till Monday is at $1194.40
MCX SILVER DCEMBER 2014 – PRICES IN INDIAN RUPEES BELOW
Failure to break 40100 by Monday will result in a fall to 38300 and 36900 first and then a rise to 41150-43350. Today silver needs to fall below 38600 or break and trade over 39650 for direction. Jobbers in silver need to watch 39330 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: Thursday, 25 September 2014 | E-Mail | Print | Source: GoldSeek.com
