-- Published: Friday, 17 October 2014 | Print | Disqus
Some of the Federal Reserve officials are giving an indication of a delay in interest rate hikes next year on lack of growth in the Eurozone. On the contrary incoming US economic data releases point to sustainable growth on the back of low energy prices. There are no big data releases next week. It will be a technical trade with US dollar as the key.
Crude oil and the advance of the Islamic State needs to be closely watched for the rest of the year. Indian gold and silver prices rose yesterday due to a weaker rupee. Higher gold demand is also adding to rupee weakness. There are concerns of a rise in the fiscal deficit. September and October rises in the fiscal deficit are due to the festival season which will fall from November. The fiscal deficit will be manageable. But lower European is a cause of concern to India also.
TECHNICAL VIEW
MCX SILVER DCEMBER 2014 – prices in Indian Rupees below
Silver needs to break and trade over 39400 for another set of rise to 40100 and 41250. As long as silver does not break and trade over 39400 it will consolidate in the 37912-38563-39400 range.
MCX CRUDE OIL NOVEMBER – prices in Indian Rupees below
Crude oil can rise to 5270 and 5500 as long as it trade over 5040. There will be sellers only if it trades below 5040.
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, 17 October 2014 | E-Mail | Print | Source: GoldSeek.com
