-- Published: Tuesday, 16 December 2014 | Print | Disqus
The inability to rise further along with a technical breakdown (apart from the continued fall in crude oil prices) resulted in the fall in gold and silver. There can be further losses if gold and silver fall further in the US session. India’s November gold imports are up 571.28% (year on year) to $5.61 billion. Indian demand for gold will fall over the coming weeks and the next two months.
I am not amazed by the hostage crisis in Sydney. The US and its NATO allies have killed millions of innocent people (in Iraq, Afghanistan and the whole of Middle East and North Africa) under the pretext of a war on terrorism and a lack of western style democracy. Australia has been an ardent supporter of the USA in all it’s butchering of innocent people. All the nations of NATO will experience Australian style hostage crisis over the next few years with higher frequency. The NATO nations are experiencing the lagging counter effects of past sins. Terror moves away from Asia to white developed nations. This movement should be a long term positive for gold. In the short term to medium term, we all know the same is manipulated.
The Europeans, Australians and other nations have an immigration policy under which they import cheap labor. Most of the cheap immigrant labor came from the followers of Islam. These nations even gave asylum to people convicted from nations in Asia and Africa. A small section of these Islamic immigrants have supported ISIS and the end result is the current hostage crisis. As long as nations allow free and easy immigration, hostage crises like the one in Sydney will now be a recurring feature. It is high time when every nation looks at its immigration policy and stop excessive inflows of immigrants to their nations. There are now more educated people and professional people who are now radicalized than uneducated people and it is these radicalized professionals that can make the world into a global hostage.
The current fall in gold and silver is just profit taking before the FOMC meet which if it continues after the FOMC statement can result in gold falling to $1078 and silver testing $1465 and $1260. The next three days are very crucial for gold and silver.
MCX SILVER MARCH 2015 – PRICES IN INDIAN RUPEES BELOW
Failure to break 39600 by next week will result in a fall to 35700 and 34100 first. Today silver needs to trade over 37700 to prevent a fall to 36200. Weakness of the rupee against the US dollar will limit a big fall.
MCX CRUDE OIL (1ST CONTRACT) - prices in Indian rupees below.
Key intraday support is at 3512. There will be another wave of selling only below 3512 to 3446 and 3310. Only a break of 3712 will resume the intraday bullish zone.
Key long term support is at 3225 and as long as crude oil trades over 3225, there is every possibility of a recovery.
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
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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, 16 December 2014 | E-Mail | Print | Source: GoldSeek.com