-- Published: Wednesday, 22 October 2014 | Print | Disqus
HAPPY KALI PUJA TO ALL
Diwali greetings to everyone. Indian demand for gold and silver was excellent yesterday. Those in the gold and silver business were very happy. But there are apprehensions over the continuity of demand in November (unless prices fall). Indians have had a better Diwali (than last year). The government’s “Make in India” echoes has had a mild impact on sale of cheap Chinese imports. There are a lot of people who have opted for Indian made goods over Chinese made goods. This has benefitted one and all. Distressed very tiny scale manufacturing units employing huge labor have reason to cheer this Diwali.
Gold and silver are looking bullish at the moment but need to break and trade over $1254 and $17.50 for further gains. In case gold and silver fall either tomorrow or Monday in the US session then a short term top will be formed. The next five trading sessions are very crucial for gold and silver.
Next Diwali silver forecast: We do not expect silver prices to fall below Rs.27600 with every possibility of Rs.48600 and Rs.61000. We prefer to invest in silver over gold for next Diwali. (silver prices are Rs per kilogram).
As long as silver trades over $12.00 we prefer a buy on sharp dips strategy with every possibility of $23.60 and $30.50.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1249.30
Bullish over $1243 with $1257.10 and $1272.60 price target
Bearish below $1236.00 with $1231.10 and $1226.00 as price target
Neutral Zone between $1236 and $1243
- Gold can rise to $1266 and $1281 as long as it trades over $1236.
- There will be sellers only if gold trades below $1243 in the US session in case gold does not break $1261 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: Wednesday, 22 October 2014 | E-Mail | Print | Source: GoldSeek.com