-- Published: Tuesday, 1 November 2016 | Print | Comment
Diwali holidays are over. Indians are going back to work. It�s trading time. Incidentally November will be the best time to trade and make a quick buck. The FOMC meeting, US monthly jobs numbers, US election result and its spillover effect on global financial market and global political scenario. There are lots of possible reasons for gold and silver bulls to cheer and also attract new investors. Uncertainty brings the best in gold. November is a month of uncertainty. Gold and silver should rise.
Investment demand for gold and silver will be dependent on the price outlook till March 2017. The FOMC will raise interest rates either tomorrow or next month. Gold and silver will see another big crash if and only if the FOMC meets of tomorrow and December indicates a second interest rates hike before March 2017 (First one being tomorrow of December). Focus of investors is now of new policy changes which the new president will make. There is a policy division between the USA and other NATO member nations. This divide will only widen next year which should support higher bullion prices.
Technically gold can rise to $1347.10 and $1417.40 in the short term as long as it trades over the $1206-$1223 zone. Technically silver can rise to $2299 in the short term as long as it trades over $1543. Long term bearish trend for gold and silver will be there only on a fall below $1206 and $1543.
COMEX GOLD DECEMBER 2016 � current price $1277.75
Bullish over $1268.00 with $1282.90 and $1303.80 as price target
Bearish below $1261.30 with $1255.50 and $1246.30 as price target.
Neutral Zone between: $1261.30-$1268.00
Gold targets $1303 as long as it trades over $1265-$1270 zone.
Initial resistance is at $1282.90.
Bearish trend will be there only if gold does not break $1303 by Friday.
A daily close over $1282 today will be very bullish for the rest of the week
Jobbers watch $1272 and $1282 today.
MCX GOLD DECEMBER DECEMBER 2016 � previous day close 29950
200 day moving average is at 29948. Gold needs to trade over 29948 today to rise to 30276. There will be sellers only below 29948 to 29839 and 29709. Trend is neutral to bullish. Till next week as long as gold trades over 29709 chances of a rise to 30406 and 30754+ is very high.
(price in Indian rupees above)
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 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 7pm 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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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