-- Published: Tuesday, 6 January 2015 | Print | Disqus
The Greece safe haven trade has resulted in short covering in gold and silver. The situation in Europe is far from over. The French president has called for an end to Russian sanctions. These are all positive news for gold and silver. Short sellers of gold and silver are using dips to exit their positions. This is the best time for gold and silver. I keep my fingers crossed.
I am not going to comment much. Hold on to long positions in gold with a stop loss below $1149. Hold on to your long positions in silver with a stop loss below $1455. From today economic data releases from the USA start. Tomorrow’s US December private ADP numbers will be the key.
TECHNICAL VIEW
COMEX GOLD FEBRUARY 2015 – current price $1204.60
Bullish over $1190 with $1217.00 and $1237.00 price target
Bearish below $1184.00 with $1177.90 and $1164.30 as price target
Neutral Zone between $1184 and $1190
- Gold can rise to $1217 and $1241 as long as it trades over $1193
- Today gold needs to trade over $1208 for a massive rise and a very quick rise.
- Remain on the sidelines.
- Buying gold only if it trades over $1208 either in the UK session or the US session.
MCX CRUDE OIL (1ST CONTRACT) - prices in Indian rupees below
Key support is at 3188. There will be another wave of selling below 3188 to 2995 and 2894. Overall crude oil is bearish as long as it trades below 3333.
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, 6 January 2015 | E-Mail | Print | Source: GoldSeek.com
