-- Published: Friday, 30 January 2015 | Print | Disqus
Even if gold closes over $1230 today, I will consider it a positive sign. However for a big bull run gold needs a daily close over $1263 today as well as next Friday. Gold and silver demand could be postponed if they fall today also. One should use the current correction in silver and further price falls (if any) to invest for the year end. I am staring at another parabolic silver bull run anytime between mid-July and mid-October this year.
Gold could trade in a wider $1040-$1167-$1262-$1430 range for the rest of the year. There is a lot of speculation that gold prices will fall below $1000 either this year or next year owing to interest rates hikes by the Federal Reserve. I do not believe gold prices below $1000 will be sustainable. There are a lot of other factors which will prevent gold prices from a big crash. Two of the reasons are (a) Indian gold demand should zoom this year from August this year as better economy induces people to buy more gold jewelry. (b) The other day the French police were questioning an eight year old over the support for the Islamic state. The ground reality in southern European nations should be even worse as everything could be censored by the state. Europe will support gold prices whether it’s other nations following Dutch or more and more people unrest spreading all over Europe or the QE factor.
Finally whatever is happening to gold or crude oil or energies is (a) for greater NATO expansion. Whatever is good for the Russian economy, prices will come down. (b) The future BRICS bank could be an alternative to the US controlled international monetary fund (IMF). NATO is trying to stop the creation and existence of the BRICS bank.
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2015 – current price $1260.70
Bullish over $1263.10 with $1274.60 and $1290.10 price target
Bearish below $1253.10 with $1247.10 and $1223.60 as price target
Neutral Zone between $1253.10 and $1263.10
Jobbers aggressive buy over: $1267 (if gold trades over this price in the UK/US session) for $1274 and $1287 stop loss $1261.10
Jobbers aggressive sell below: $1257.60 (at any time of the day) for $1252.90-$1247.60 and $1241.10 stop loss $1233.90
- Gold needs to trade over $1257 to prevent another wave of selling to $1237 and $1223
- Remain on the sidelines.
- Jobbers watch $1260 and $1277 all the time.
Indian physical gold price – prices Indian rupees below
Gold can fall to 26700 and 25800 as long as it does not break 28650. Only a consolidated break of 28650 will start another wave of rise in gold.
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, 30 January 2015 | E-Mail | Print | Source: GoldSeek.com