Traders will try to guess the pace of interest rate hikes next year through the FOMC meet and US October NFP this week. The December interest rate hike has already been factored in by the markets. I do not think that change in Federal Reserve chairman will alter the interest rate hike strategy for next year. There is no central bank chief in the world who can do a Volcker on interest rates and the economy. All central bank chiefs like bubbles to be formed. I do not expect more than four interest rate hikes by the Federal Reserve in the next fifteen months.
Asian demand for gold and silver will be on the higher side. Premiums will rise today (unless prices continue to fall). In India, the Hindu winter marriage season will begin from the weekend. Now a days most the gold jewelry demand due to marriage is at the last moment.
NYMEX CRUDE OIL (1ST CONTRACT)- current price $53.95
Bullish over $52.70 with 54.80 and $56.30 as price target
Bearish below $51.40 with $50.90-$50.10 and $49.60 as price target
Crude oil can rise to $55.20 as long as it trades over $53.00
There will be another wave of rise if crude oil manages to trade over $54.20.
MCX CRUDE OIL NOVEMBER – previous day close Rs.3501.
·Crude oil can rise to 3542 and 3649 as long as it trades over 3466.
·Sellers will be there only below 3466 today.
·Key long term resistance is at 3542. A daily close over 3542 for three consecutive days will result in 3951 and 4321 in the short term.
(prices 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 1:00 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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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