-- Published: Wednesday, 7 September 2016 | Print | Disqus
I have been writing regularly that other than the US interest rate factor, everything else is bullish for gold and silver. Gold and silver rose yesterday as chances of an interest rate hike this month is zero. Gold and silver are on the verge of a technical breakout. If they are able to rise for another week then massive short covering will be there paving the way for $1505 and $2374 in the immediate short term. One needs to wait before going short in gold and silver. But for fresh short term buying one needs to wait for gold to trade over $1386 and then invest.
There is not much news at the moment. Crude is on the verge of a big technical breakout.
COMEX GOLD DECEMBER 2016 – current price $1354.50
Bullish over $1341.10 with $1362.70 and $1398.30 as price target
Bearish below $1331.10 with $1319.70 and $1312.20 as price target.
Neutral Zone between: $1331.10-$1341.10
- Gold needs to trade over $1356 for the whole day to rise to $1371 and $1386
- There will be sellers only below $1341
- A daily close over $1356 today should result in $1398.70 by Friday.
MCX GOLD OCTOBER – PRICES IN INDIAN RUPEES BELOW
This is the best chance for gold to rise to 32455 and 33626 by month end as long as gold trades over 30800. A daily close over 31300 today will be very bullish for gold for the rest of the week. Today we prefer to buy gold only if trades over 31300 with a stop loss below 30080 and a price target of 31696+.
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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-- Published: Wednesday, 7 September 2016 | E-Mail | Print | Source: GoldSeek.com