-- Published: Wednesday, 17 June 2015 | Print | Disqus
The massive build up in net short positions in gold and silver is an indication of a trend reversal. The FOMC meet has to be very clear on the interest rate cycle. A hawkish tone can result in a quick rise. Traders and investors are still not yet convinced over the ability of gold and silver to make a sustained rise. Unless gold and silver are able to break and trade over key short term resistances of $1219 (gold) and $1787 (silver), they just might find sellers and/or trade in the current range bound trade.
As a gold and silver bull, I will be very happy if Greece defaults and there are increased chances of Greece exiting the Eurozone.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2015 – current price $1180.30
Bullish over $1174.30 with $1191.70 and $1199.90 as price target
Bearish below $1166.20 with $1157.20-$1145.00 as price target
Neutral Zone between $1166.20-1174.360
Jobbers aggressive buy over: No call
Jobbers aggressive sell below: We are against selling unless (at lower prices) unless gold falls below $1166.
- Failure to break $1203 by tomorrow will result in a fall to $1157 and $1129.
- Jobbers watch $1174/$1185.10 all the time.
COMEX SILVER JULY 2015 – current price $1596.00
Bullish over $1607 with $1626-$1647 and $1665 as price target
Bearish below $1570 with $1547 and $1527 as price target
Neutral Zone between: $1570 and $1607
Jobbers aggressive buy over: Buy at $1535 stop loss $1487 for $1710.
Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1570.
- Silver will see another wave of selling only if it trades below $1535 after the FOMC meet.
- Day traders and jobbers need to trade very carefully.
- Jobbers watch $1580 and $1600.
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
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-- Published: Wednesday, 17 June 2015 | E-Mail | Print | Source: GoldSeek.com
