-- Published: Thursday, 8 September 2016 | Print | Disqus
Gold and silver either break $1380 and $2070 by Monday or else they will fall back to $1303 and $1840. There will be nothing in between. Retail demand in India is not much on expectation of more price correction. Silver prices were trading at a discount to MCX silver December futures yesterday reflecting lack of demand. One needs to remain on the sidelines. However a daily close over $1341 today and tomorrow should be bullish for gold for the rest of the month.
There is no news at the moment. News will dictate metals markets and currency markets. Historically the big bull rallies in gold and silver have always started after the September Federal Reserve meetings. The next big event will be the FOMC meet. I do not foresee the European central bank and the bank of England meeting causing any trend reversals in currency markets or metals markets.
MCX GOLD OCTOBER – prices in Indian rupees.
Failure of gold to break 31650-31850 by Monday will result in a fall to 30800 and 30400 first and then the rise. Today gold needs to trade over 31160 to rise to 31650. There will be sellers only if gold does not break 31650.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $46.33
Bullish over $45.10 with $48.80 and $50.10 as price target
Bearish below $44.30 with $43.10 and $41.70 as price target
Jobbers buy over: Buy at $45.10 stop loss $44.30 for $48.00
Jobbers sell below: Sell at $48.60 stop loss $49.40 for $43.30
- Once again crude oil targets $52-$56 zone as long as it trades over $42-$44 zone.
- Trade very carefully between $48.50-$50.50 zone.
- Jobbers watch $46.40 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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-- Published: Thursday, 8 September 2016 | E-Mail | Print | Source: GoldSeek.com