-- Published: Tuesday, 3 February 2015 | Print | Disqus
US December consumer spending dropped while the consumer savings rate rose by 0.50% to 4.90%. This is an indication of the long term change in consumer preference. The US savings rate will only increase as the year progresses. The Federal Reserve could delay its interest rate decisions. US January private ADP number tomorrow will be the key. The direction of the US dollar will also affect bullion prices.
A lot of you people might think that I am an evergreen gold and silver bull. I am not a bull or a bear. I am here to make money. In the long term I believe, perceive, whichever words used to express that gold and silver bullish trend will reemerge. In the short term and medium term, I am an opportunist and am here to ensure that our clients make good profit. Apart from bullion, among the metals space, copper to me is the safest bet for day trading and short term trading. Zinc, lead, Nickel or energies are good for intraday trading or weekly trading but there are few days in a year where a bad trade can wipe out your capital.
Inability of Nymex crude oil to fall below $40 has resulted in short covering which if it continues can result in a $10 very quick rise. Speculation that drillers have started closing oil rigs is also contributing to a reduction in net short positions. It is too early to say whether crude oil has bottomed out as bear market rallies are always massive.
COMEX TECHNICAL VIEW
COMEX SILVER MARCH 2015 – current price $1723.00
Bullish over $1700 with $1762 and $1866 as price target
Bearish below $1665 with $1649-$1632-$1586 as price target
Neutral Zone between: $1665-$1700
Jobbers aggressive buy over: Buy over $1731 stop loss $1719 for $1766-$1802.
Jobbers aggressive sell below: $1700 (if silver trades below this price in the UK/US session today) stop loss $1714 for $1686 - $1666 and $1649.
- Silver needs to trade over $1686 to rise to $1776 and $1802
- There will be another wave of rise only if silver trades over $1730 either in the UK session or the US session.
MCX SILVER MARCH 2015 – prices in Indian Rupees below
Silver can rise to 39100 and 40500 today as long as it trades over 37400. There will be sellers only if silver trades below 37400 either in the UK session or the US session with 36872 as key support.
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, 3 February 2015 | E-Mail | Print | Source: GoldSeek.com