-- Published: Monday, 23 February 2015 | Print | Disqus
The direction of gold and silver will be dependent on the ability to trade over $1190 and $1560 till the end of March. Interest rate sensitive factors due to the Federal Reserve chairman’s testimony and US economic data releases will have an impact only if gold and silver trade below key technical support after the release of these numbers.
Traders will start taking positions for US February nonfarm payrolls on 6th March from Wednesday. The price trend for gold and silver from Wednesday should continue till the 6th of March. Indian demand for gold and silver should rise.
Libyans crude oil supply will reduce as the week progresses. Investor sentiment for energies is hyper negative. This hyper negative sentiment can be the turnaround reason for energies.
TODAY
Trade carefully. That’s all I can comment. All the positive news on gold and silver have failed to ensure their rise. Greece, the situation in the middle east and north Africa, Ukraine or upping of spying by American on its citizens and global nations should have resulted in higher investment for safe havens such as gold and silver.
TECHNICAL VIEW
COMEX GOLD APRIL 2015 – current price $1202.10
Bullish over $1197.00 with $1211.90 and $1223.70 price target
Bearish below $1192.10 with $1187.60 and $1177.10 as price target
Neutral Zone between $1192.10 and $1197.00
Jobbers aggressive buy over: Buy if and only if gold trades over $1207 in the UK session after 2:30 pm IST strict stop loss $1202.10 $1213.10 and $1219.20
Jobbers aggressive sell below: Below $1197 at any time of the day stop loss $1201 for $1192.10 and $1187.60
- The region between $1192-$1202 is anything can happen zone. Trade carefully in this zone despite the bearish momentum.
- There will be another wave of selling if gold trades below $1197 in the UK session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $50.91
Bullish over $51.30 with $52.40-$54.10 as price target
Bearish below $50.40 with $49.70 and $48.30 as price target
Jobbers buy over: $51.30 stop loss $50.70 for $52.20-$53.20
Jobbers sell below: $50.20 stop loss $50.80 for $49.40 and $48.30
- Failure to break $55 in the next three weeks will result in a fall to $44.70 and $40.30 first.
- Crude oil is neutral between $42-$56 zone from a medium term perspective.
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: Monday, 23 February 2015 | E-Mail | Print | Source: GoldSeek.com
