-- Published: Monday, 17 November 2014 | Print | Disqus
Gold and silver need to rise till Wednesday to attract short sellers and also attract short term investors. Potential physical gold investors who had postponed their purchases (in the hope of a further price fall) could also start buying at higher prices. No one wants to invest in a falling market. The same applies to gold and silver. Russian president Putin’s early exit from the G20 meeting is also another reason for me to remain invested in gold and silver. The Cold war will only escalate. Technically the first three days of the week are very crucial for the continuity of revival of the gold and silver brand as a short term investment destination.
The UK and Turkey will be training anti-Assad militant groups. Kurds say that there are more than two lac ISIS militants in the Middle East. I personally believe that the number of ISIS militants (in the Middle East) could cross the million mark (before the close of the year) most of whom will be mainly from Europe, the USA and Australia. The caliphate has stated its intention to issue gold and silver “Islamic Dinars”. The “Islamic State” is the twenty first century’s first barbaric nation which will continue to expand. The end result is more death of the US dollar, death of Non Islamic faith (wherever ISIS expands) and trends towards a long term revival of bullion prices.
There can be a fight between short term bulls and medium term bears for gold and silver. One needs to be watchful. Interest rate futures and/or US bond yields will be the key.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER 2014 – current price $1633.50
Bullish over $1571 with $1651 and $1771 as price target
Bearish below $1544 with $1522-$1496 as price target
Neutral Zone between: $1544-$1571
- There is a technical congestion between $1651 and $1696. Only a break of this zone will result in further rise to $1771 and $1956.
- Jobbers watch $1622 and $1651 all the time.
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, 17 November 2014 | E-Mail | Print | Source: GoldSeek.com