-- Published: Tuesday, 25 November 2014 | Print | Disqus
There will be blips of big one way moves in metals and energies followed by large period of consolidation. A bad trade without a stop loss can get you busted. One needs to trade very carefully in the current market scenario. News flows will start from today. There are lots of economic data releases and central bank meeting lined up till next week. The trend in metals, energies and major currencies after the end of next week will continue till early January.
Technically gold and silver are looking bullish at the moment and can rise further. Copper and crude oil are in a neutral zone. Developments in Europe and the Islamic state will be the key. Swiss gold referendum also looms at large. The Switzerland central bank chief has said that he is against passing of the referendum as it will affect Swiss economy.
US third quarter GDP numbers will affect the market. I expect it to beat street's expectations.
TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1198.10
Bullish over $1194 with $1209.00 and $1221.00 price t4arget
Bearish below $1187.00 with $1180.60 and $1166.10 as price target
Neutral Zone between $1187 and $1194
· Gold looks to me slightly bullish and can rise to $1207 and $1221 as long as it trades over $1190
· Jobbers watch $1199 ad $1214
· There will be another wave of selling if and only if gold trades below $1190 either in UK session or US session.
MCX GOLD DECEMBER 2014 – prices in Indian rupees below
Gold needs to fall below 26340 or break and trade over 26665 for direction. There will be big one way moves below 26340 or above 26665. However in case gold does not break 26845 by Friday, then I expect it to fall to 26057 and 25940 first and then rise. Jobbers watch 26445 and 26570 for intraday trades.
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: Tuesday, 25 November 2014 | E-Mail | Print | Source: GoldSeek.com
