-- Published: Monday, 15 December 2014 | Print | Disqus
It is all about the FOMC meet this week for commodities. Technically gold and silver are bullish and can rise further. The FOMC statement will be the key. Lack of inflationary pressure due to low energy prices can prompt the Federal Reserve to change the interest rate stance for next year. Yearend short covering on the US dollar will be closely watched.
Any change in the FOMC stance (on a delay in interest rates) can result in gold rising to $1362 and $1530 in the short term. Silver can rise to $2020 and $2376 in the short term. This is just my expectation. One should trade carefully till the outcome of FOMC statement is known.
Australia now gets hits by the Islamic state terror activities. The rise of the Islamic state should result in continued demand for safe havens all over the world. The rise of the Islamic state will give another big reason for states to curtail our freedom. Be prepared for even greater state controls for the people. Internet will no more be free. The media (TV, facebook etc) will be nothing but state controlled propaganda machines and nothing else. In the long term gold and silver and other safe havens will continue to attract investment demand.
TECHNICAL VIEW
MCX GOLD FEBRUARY 2015 – PRICES IN INDIAN RUPEES BELOW
Failure to break 27810 in the next two weeks will result in a fall to 26347 and 25840 first. Initial support is at 26940. The next big wave of buying will be there only if gold trades over 27810 anytime time.
Today gold needs to trade over 27057 to rise to 27420. There will be sellers if gold trades below 27057 either in UK session or US session.
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: Monday, 15 December 2014 | E-Mail | Print | Source: GoldSeek.com
