-- Published: Tuesday, 2 December 2014 | Print | Disqus
The rise in gold and silver was due to massive short covering which if it continues till Friday can result in the resumption of a short term bullish phase. There are lots of US economic data releases from tomorrow till Friday. If there is any indication of a delay in US interest rate hikes beyond June of next year, gold can easily rise to $1275/1324 in the short term. Silver can easily rise to $1860/$2040 in the near term. At current price, gold and silver traders need to be cautious.
Yesterday I was cautious over the initial fall in gold and silver prices after the Swiss referendum. I was right. We just ignored the results and traded in the technical. Clients made bumper profit yesterday. Sharp big one way moves in gold and silver are rare these days.
Indian demand for gold and silver will rise with every price fall (if any). Global manufacturing growth numbers across the globe are divergent for key nations. US, Chinese and European manufacturers are showing signs of a near term fatigue, while Japan and India are the optimists.
TECHNICAL VIEW
MCX SILVER MARCH 2015 – prices in Indian rupees
So far so good for silver. The next key resistance is at 39400. Only a break of 39400 anytime for the rest of the month will trigger the next phase of rise to 42250 and 47000. Initial support is at 36900. There will be sellers if and only if silver trades below 36900. Jobbers watch 37500 and 37812 all the time today.
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, 2 December 2014 | E-Mail | Print | Source: GoldSeek.com
