-- Posted Monday, 15 December 2008 | Digg This Article
| Source: GoldSeek.com
DAILY SPOT GOLD AND SILVER REPORT – ONLY FOR THE JEWELLERS
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
| LTP | %CHG | YTD% | PREV. DAY HIGH | PREV. DAY LOW | 10 DAY ma | 50 DAY MA | 100 DAY MA | LONDON AM FIXING | LONDON PMFIXING |
SPOT GOLD | $830.10 | 1.15 | -0.32 | $828.55 | $808.90 | $790.87 | $779.23 | $809.01 | $813.75 | $826.50 |
SPOT SILVER | $10.38 | 1.67 | -29.58 | $10.37 | $10.07 | $9.92 | $9.94 | $11.67 | $10.07 | |
Last Week
Gold and silver rose last week on the back of US dollar weakness and a technical break out. Gold once again rose faster than silver. Silver demand was firm while gold demand was soft.
Indian Rupee
A weaker US dollar should result in the rupee opening stronger today. Weakness in the rupee will arrive only if the stock markets slide. There is a lack of major market moving news on the rupee even as the Indian markets look forward to the second stimulus package over the coming weeks. 47.32 is the key support for the rupee this week with 49.08 as the key resistance.
TODAY
We continue with our buy on dips strategy as long as key technical supports are holding. Overall it will be a technical trade this week.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$769.78 | $789.55 | $802.80 | $824.30 | $834.80 | $839.20 | $853.40 | $873.20 |
Gold targets $866 and $900 in short term as long as $810 holds. A close over $840 today will result in $900 in the next fourteen days.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$9.54 | $9.78 | $10.02 | $10.31 | $10.55 | $10.78 | $11.00 | $11.36 |
It’s just a matter of time before silver breaks free and rises. Silver needs to break $1100 to target $1220 and $1476 in the short term. Till silver does not break $1100 it will trade in $1000-$1100 range.
PHYSICAL GOLD AND SILVER – INDIAN RUPEE TERMS
Gold targets 13100 and 13500 in the short term as long as 12400 holds. Silver needs to break 17300 to target 18000 by next week. At higher prices one needs to be cautious while going long both in gold and silver. Silver investment is preferable for the low risk trader.
NOTE: All gold prices in Indian rupees are per ten grams and all silver prices in Indian rupees are per kilogram. All prices are in Indian rupees unless other wise specifically stated.
THIS REPORT IS FREE TILL 31ST DECEMBER, 2008 AFTER THAT IT WILL BE ONLY FOR SUBCRIBERS. TO RECEIVE A COPY OF THE REPORT ON YOUR MAIL BOX MAIL A REQUEST TO consultants.insignia@gmail.com
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. Website www.insigniaconsultants.in
-- Posted Monday, 15 December 2008 | Digg This Article | Source: GoldSeek.com
