-- Published: Friday, 26 September 2014 | Print | Disqus
Speculation that Russia, Kazakhstan and its allies intend to buy thirty tonnes of gold resulted in profit booking in short positions. Technically gold has bottomed out and should rise to $1252 and $1276 first as long as it trades over $1210. Silver has been lagging behind gold but can catch up anytime.
There is a report on reuters.com which says that war with the so called “Islamic state” can continue for decades. These are all bullish news for gold. Indian demand for gold and silver should zoom today due to the weekend. Indian banks are closed on 2nd October, 3rd October and 6th October. Gold and silver importers and other buyers will be increasing their inventory before these big vacations. Higher demand in India should be supportive of gold prices.
The fall in the US durable goods number should not be much of a concern as it can catch up anytime. Traders will now be taking positions for next week’s US September nonfarm payrolls.
TECHNICAL VIEW
MCX GOLD DECEMBER – prices in Indian Rupees below
A break of 27150 will result in 27350-27720. Initial support is at 26960 and there will be sellers only below 26960. We prefer to buy if and only if gold trades over 27150 today.
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, 26 September 2014 | E-Mail | Print | Source: GoldSeek.com
