-- Published: Monday, 3 November 2014 | Print | Disqus
The sentiment towards gold and silver is hyper bearish. People like me are trying to gauge the price at which hyper demand (investment and jewelry sales) can lift the sagging sentiment of gold and silver. Investors are a vanished lot in gold and silver however they can return for the short term if gold is able to trade over $1140 and silver is able to trade over $1465. Technically there will be the next big wave of selling if gold trades below $1140 (after US October nonfarm payrolls) and silver trades below $1465 (after US October nonfarm payrolls). Till gold does not fall below $1140 and silver does not fall below $1491, short sellers need to be a bit careful.
Europeans and Americans constitute bulk of the Islamic state jihadist. I foresee “Pakistanisation of the United Kingdom” and “Islamisation of Europe” very quickly over the next few years. The UK has openly allowed Islamist jihadist to raise money for their cause. The UK is the global hotbed for terror funding. Obviously the MI’s and others know it and also support some of these Islamic terror organizations. The “Pakistanisation of the United Kingdom” and the “Islamisation of Europe” implies a less peaceful Europe and a move towards trade protectionism. These are all hyper bullish for gold and silver in the long term. Geopolitics will later than sooner come to the rescue of bullion. However for now there is room for gold and silver to fall further.
Momentum is still bearish in all commodities. A slow in Chinese manufacturing growth can result in silver trading with a softer bias for a longer time than most of us expect.
COMEX SILVER DECEMBER 2014 – current price $1597.50
The next big wave of selling will be there only below $1465 to $1243 and $1172. As long as silver does not break $1465, short sellers need to be careful. Today silver needs to trade over $1605 to be in a bullish zone.
COMEX COPPER DECEMBER 2014 – current price $304.85
Bullish over $304.10 with $309.10 -$313.60 as price target
Bearish below $302.80 with $300.80 and $298.60 as price target
Neutral Zone between: $302.80-$304.10
- Copper needs to trade over $302 today to rise to $309 and $312
- Jobbers watch $305 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $80.39
Bullish over $81.10 with $82.30-$84.10 as price target
Bearish below $79.40 with $78.70 and $77.10 as price target
- Crude oil needs to trade over $79.20 to rise to $82.85 and $84.70
- There will be another wave of selling below $79.20 or in case crude oil does not break $82.85 by tomorrow.
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: Monday, 3 November 2014 | E-Mail | Print | Source: GoldSeek.com