-- Published: Friday, 19 June 2015 | Print | Disqus
Gold and silver are entering a four day crucial technical period. If they are able to trade over $1203 and $1633 for the rest of the next four days, then we can expect another wave of rise. Over the course of this year, there have been times when gold and silver have not followed the US dollar. Short sellers in gold know that $1220-$1260 is a safe zone to sell as gold has not been able to break past this zone over the past few months. Unless there are credible reasons that gold will be able to break past $1260, short sellers will continue to adopt this strategy.
Silver disappointed as it failed to break and trade over $1655. There will be sellers in silver on any rise, unless it breaks and trades over $1655. Copper continues to fall on lack of demand due to the summer effect. For the rest of the month copper needs to trade over $256 to prevent another sell off. We are against buying in copper unless there are signs of a trend reversal.
Euro-US dollar (euro/usd) needs to break and trade over 1.1625 in the next three weeks in order to show signs of medium term strength. The Greece riddle should be solved in the next three weeks. It remains to be seen how long the Japanese Yen continues to gain against the US dollar. Movement in the currency market will affect gold and silver prices in the months of July and August.
Indian gold demand will remain subdued for a month and then rise. Remain on the sidelines today. Silver traders and copper traders should be taking positions for September futures. Unless there is short covering, I do not see any big hope of rising.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2015 – current price $1201.50
Bullish over $1194.10 with $1204.70 and $1215.30 as price target
Bearish below $1189.10 with $1179.90-$1166.10 as price target
Neutral Zone between $1189.10-1194.10
Jobbers aggressive buy over: Buy if and only if gold trades over $1203 either in the UK session or the US session stop loss $1199 for $1208 and $1214
Jobbers aggressive sell below: We are against selling unless (at lower prices) unless gold falls below $1196 either in the UK session or the US session.
- Gold to trade over $1200 for the whole day to rise further.
- Jobbers watch $1196/$1203.30 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: Friday, 19 June 2015 | E-Mail | Print | Source: GoldSeek.com
