Unconfirmed reports suggest that there has been massive central bank buying of gold. India can impose curbs on gold imports anytime. Geopolitically nothing has changed. The US dollar is weaker against the euro and stronger against the Japanese Yen. Japanese demand for gold will fall as prices rise. Japanese hedge funds investment in gold (if any) will reduce further if the Japanese economy itself provides investment opportunities.

The longer gold trades over $1180 the changes of further short covering will also rise. FOMC minutes today will be relevant if it gives an indication as to when interest rates will start rising next year. After the FOMC minutes, there will be position squaring and rebuilding for the next quarter.

TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 � current price $1192.10

Bullish over $1181 with $1203.00 and $1221.00 price target

Bearish below $1172.00 with $1164.70 and $1155.10 as price target

Neutral Zone between $1172 and $1181

• Gold needs to trade over $1186 to rise to $1203 and $1219
• Jobbers watch $1187 ad $1203
• There will be another wave of selling if and only if gold trades below $1186 either in the UK session or the US session.

MCX GOLD DECEMBER 2014 � prices in Indian Rupees below

Key resistance is at 26835. Only a break of 26835 will result in further rise to 27150-27515. However in case gold does not break 26835 by Monday, then it will fall back to 25840 and 25380.

Today jobbers watch 26600 all the time and trade accordingly.

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.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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 -- Published: Wednesday, 19 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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