-- Published: Tuesday, 7 October 2014 | Print | Disqus
Asian demand for gold and silver will be very high today as jewelers and investors look to replenish inventories. The reversal of the US dollar will also support metal prices. In the case that gold and silver hold today and tomorrow then the chances of a rise back to $1252 and $1930 will be very high.
The “Islamic state” is resorting to genocide never seen since the Second World War. Non-Muslims need to convert to Islam or face genocide. They are not even leaving infants. Are these are not enough reasons for gold and silver to rise. The “Islamic state” cannot rise without direct or indirect American backing. The air attacks are just to fool the masses that Americans are serious to stop the progress. The second decade of every century has resulted in global wars. There are good enough reasons to come to the conclusion that the world is on the verge of a religious war with all powerful Muslims on one side and rest of the religions on the other side. Bullion has to rise.
MCX GOLD DECEMBER 2014 – prices in Indian Rupees
Gold needs to trade over 26470 today to rise to 26910-27225-27552. There will be another wave of selling if (a) Gold trades below 26470 (b) Gold does not break 27240 by Thursday. Jobbers watch 26740 all the time.
COMEX COPPER DECEMBER 2014 – current price $303.35
Bullish over $300.00 with $306.10 -$308.50 as price target
Bearish below $298.50 with $294.40 and $292.00 as price target
Neutral Zone between: $298.50-$300.00
- Copper needs to trade over $298.50 to rise to $306 and $312
- There will be sellers if copper trades below $298.50 either in the UK session or the US session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $90.38
Bullish over $90.70 with $92.20-$93.60 as price target
Bearish below $89.40 with $87.90 and $85.40 as price target
- Crude oil needs to trade over $89.10 to rise to $92.20 and $95.60
- We prefer to remain on the sidelines 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: Tuesday, 7 October 2014 | E-Mail | Print | Source: GoldSeek.com