-- Published: Friday, 10 October 2014 | Print | Disqus
Gold and silver are not out of the woods. In case they fall on Monday then they will see another wave of sell off. Indian demand will be high over the weekend due to festivals. There can be one way three percent moves anytime (either side) in gold and silver. US currency markets are closed on Monday. There will be position squaring and rebuilding for Tuesday.
Global investors are positioning themselves for next year as according to the IMF apart from the USA, most nations will grow at a slower pace next year. This is one the reasons why base metals and energies are falling.
TECHNICAL VIEW
MCX GOLD DECEMBER 2014 – PRICES IN INDIAN RUPEES BELOW
Key short term resistance is at 27235. As long as gold does not break 27235 it will trade in 26470-26690-26935-27225 range. Till Diwali key support is at 26200 and as long as gold trades over 26200 downside risk will be limited.
MCX CRUDE OIL (1ST CONTRACT) - prices in Indian Rupees below
Key support is at 5218. There will be another wave of selling below 5218 to 5172 and 5052. Today crude oil needs to trade over 5246 to be in intraday bullish zone.
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, 10 October 2014 | E-Mail | Print | Source: GoldSeek.com
