-- Published: Friday, 23 January 2015 | Print | Disqus
The surprise element in the European central bank press conference was missing yesterday. $60 billion euro’s a month of free money will be supplied to European nations. This should more than make up for the loss of liquidity due to a Fed interest rate rise (if any) in the future. Traders will now look forward to the FOMC meet week. We expect a softer tone on interest rate hike which should be bullish for bullion.
Developments in the Middle East will be closely watched after the death of a Saudi King. Opec policies, dealing with the spread of the Islamic State, relation with Americans, Saudi-Iran relations among others will be key to the new king. It remains to be seen if there are any changes in these. Crude oil prices could get wobbly as result of this development.
All news and events that can cause volatility in global financial markets is incidentally happening in January. One needs to trade carefully. Technically a daily close over $1260 today will be bullish for next week and a daily close over $1313 will be hyper bullish for gold for next week.
Monday India is closed due to Republic day. US president is the guest of honor. I have never seen such huge security in Delhi. Central delhi it seems has been converted into a curfew zone. Absence of India will have an impact on global gold price movement on Monday.
TECHNICAL VIEW
COMEX GOLD FEBRUARY 2015 – current price $1299.80
Bullish over $1296 with $1309.10 and $1341.60 price target
Bearish below $1287.00 with $1277.30 and $1262.10 as price target
Neutral Zone between $1287 and $1296
- Gold needs to trade over $1296 the whole day for another big wave of rise to $1313 and $134
- Remain on the sidelines despite the bullish momentum.
- Jobbers watch $1296 and $1313 all the time.
MCX GOLD FEBRUARY 2015 – prices in Indian Rupees below
Gold needs to trade over 27910 today rise to 28260-28458. There will be sellers only if gold trades below 27910 (either in the UK session or the US session) or in case gold does not break and trade over 28325 today. Monday MCX is closed (full day). Traders will take positions for Tuesday.
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: Friday, 23 January 2015 | E-Mail | Print | Source: GoldSeek.com
