-- Published: Thursday, 4 December 2014 | Print | Disqus
Technically the right base has been formed for gold and silver to rise. Fears of a fall are there as the US dollar continues to gain against the euro and yen. Gold and silver need to rise tomorrow to convert themselves into a short term bullish zone and invite short covering.
The European central bank meeting (ECB) today will be the key. Traders are expecting an announcement of quantitative easing (QE) by the ECB. In case QE is not announced by the ECB the euro-US dollar could see big gains.
In the next two days it will be either boom or bust for gold and silver.
COMEX GOLD FEBRUARY 2015 – current price $1208.20
Bullish over $1198 with $1219.00 and $1248.00 price target
Bearish below $1184.00 with $1169.10 and $1155.00 as price target
Neutral Zone between $1184 and $1199
- Key resistance is at $1227 and only a break of $1227 will trigger another wave of rise to $1253 and $1281.
- Initial support is at $1198
MCX CRUDE OIL (1ST CONTRACT) - prices in Indian Rupees
It needs to trade over 4110 till tomorrow to rise to 4305 and 4500. There will be another wave of selling below 4110 to 4004 and 3960.
Key long term support is at 3960. For the rest of December crude oil needs to trade over 3960 to prevent another massive sell off.
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: Thursday, 4 December 2014 | E-Mail | Print | Source: GoldSeek.com