General market conditions
Gold and silver traded with a softer bias yesterday as demand from India was muted. Below par demand from India at the beginning of festival season has dashed hopes of higher sales for the rest of the festival demand. A weaker Indian rupee against the US dollar has resulted in a rise in Indian gold prices. Euro/usd retreating off the highs has also resulted in profit taking at higher prices. News from Europe will be the key today as well as on the weekend. Gold could consolidate in $1710-$1810 wider range for the next two weeks before an attempt at $2000. Copper and base metals are firm on the back of not so bad Chinese GPD numbers yesterday.
News flows will determine the intra day direction of gold and silver. There will be demand for gold around $1730 and below till $1710 from all over the world.
COMEX SILVER DECEMBER 2012 – current price $3284.00
- Silver should consolidate in a $3200-$3500 wider range for the next two weeks. There will be a technical break down below $3200.
- The global economy will be the key for silver in the short term.
- Long term bullishness is intact for silver. But the pace of the rise of the silver price rise is hard to predict.
MCX NICKEL NOVEMBER 2012 (all prices in Indian rupee below)
Nickel seems to have formed a short term bottom this week and can rise to 988 once gain. One can invest in Nickel if prices fall below 880 with a stop loss of 830 for the short term. Fundamentals are neutral for Nickel.
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
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT