-- Published: Friday, 28 November 2014 | Print | Disqus
The royal tumble in crude oil resulted in a crash in all metals. As long as crude oil trades with a softer bias, gold and silver will fall. There are no US economic data releases today. Traders will now start taking positions for next month and next week.
The direction of crude oil will be the key. Crude oil will see another wave of selling if it trades below $67.00. OPEC not reducing production is a collective game by NATO to bring down Russia. Barring new nations, most of the countries benefit from lower crude oil prices. Lower crude oil prices will result in higher growth in emerging market currencies for next year. It remains to be seen how long crude oil prices trade below $70.00
TECHNICAL VIEW
MCX GOLD FEBRUARY 2014 – prices in Indian Rupees below
Failure of gold to break and trade over 27156 by next Friday will result in a fall to 25560 and 24840. Today gold needs to trade over 26565 to prevent a sell off.
COMEX GOLD DECEMBER 2014 – current price $1185.20
Bullish over $1191 with $1209.00 and $1221.00 price target
Bearish below $1183.00 with $1177.10 and $1158.60 as price target
Neutral Zone between $1183 and $1191
- Gold needs to trade over $1180 today to prevent another wave of selling to $1164 and $1134
- Jobbers watch $1183
- There will be sellers on any rise unless gold trades over $1206.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $68.77
Bullish over $67.00 with $70.20-$73.80 as price target
Bearish below $65.70 with $63.30 and $60.80 as price target
- A daily close below $67.00 today will be hyper bearish for crude oil till next week.
- Today also crude oil needs to trade over $67.00 to prevent another big sell off.
- Trade cautiously.
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: Friday, 28 November 2014 | E-Mail | Print | Source: GoldSeek.com
