-- Published: Monday, 4 May 2015 | Print | Disqus
The morale among gold and silver bulls is extremely down and out. If gold and silver cannot rise despite a weaker US dollar, then probably there is something more than fundamentals and technicals. Anyways this week we have the UK elections and US monthly job numbers among other key market moving factors.
It should be a big week. Volatility should be high. In the next two weeks, we will have a clear indication whether gold will sink below key long term support of $1047 or whether it will restart the rise. As long as copper remains firm, silver will not fall by much.
For day trading one should be flexible. There should not be any fixed views. In hindi there is a proverb called “Gadhe ne maari laat” which means you can never predict when donkey will kick. Every day trader and short term trader needs to be like him. One has to flexible and make a complete U turn if and when he sees the trend reversing.
Gold: Overall bearish below $1197. On the lower side there is a technical congestion between the $1133-$1146-$1151 zone. Only a fall below this zone will trigger another massive sell off. Jobbers watch $1183 and $1166 all the time.
Silver: Neutral zone to bearish zone. Silver needs to fall below $1506 or break and trade over $1738 for direction. Jobbers watch $1630 all the time.
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, 4 May 2015 | E-Mail | Print | Source: GoldSeek.com