-- Published: Tuesday, 25 October 2016 | Print | Disqus
Trade very carefully. I believe silver should rise over twenty percent by next Diwali. Gold’s rises for the next year will be dependent on the ability to break and trade over $1400 with $1132 as the key support for 2017. Crude oil should rise to $63 and $82 in the next year. As long as crude oil trades over $36 downside risk will be limited for crude oil in the next year. Natural gas despite fundamental bearishness looks attractive.
Gold and silver are in a neutral zone and can move three percent either side. Gains in the US dollar are preventing the rise. Trade very carefully. Do not make any losses. I always ask traders and investors not to take too many risk before any celebration in one’s life like Diwali and other festivals, birthdays, marriage etc. I would like everyone to have a smiling face on celebratory days of the year. I have seen some of my closest friends incurring massive trading losses just a day before their marriage which affected their married life for a few years. Higher spending power brings happiness in one family life. Risk is there in everything second of our lives. I am only against excessive risk taking.
COMEX GOLD DECEMBER 2016 – current price $1264.55
Bullish over $1258.20 with $1271.30 and $1277.80 as price target
Bearish below $1249.70 with $1256.40 and $1246.30 as price target.
Neutral Zone between: $1249.70-$1258.20
- Gold needs to trade over $1258 to rise to $1273. Key weekly resistance is at $1276. Only a break of $1276 will result in another wave of rise.
- Right now gold is in a neutral zone to bearish zone.
- Remain on the sidelines.
- Jobbers watch $1258 and $1265 today.
COMEX SILVER DECEMBER 2016 – current price $1761.70
Bullish over $1761 with $1783.10-$1806-$1847 as price target
Bearish below $1744 with $1727-$1714 and $1816 as price target
Neutral Zone between: $1707-$1733
- Silver needs to trade over $1727 till tomorrow to rise to $1808
- Trade very carefully between $1727-$1761 zone.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $50.42
Bullish over $50.10 with $52.60 and $54.10 as price target
Bearish below $49.40 with $48.60 and $47.10 as price target
- Crude oil needs to trade over $49.70 to rise to $51.30 and $52.20
- There can be $5 move anytime in crude oil. Trade very carefully.
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: Tuesday, 25 October 2016 | E-Mail | Print | Source: GoldSeek.com