-- Posted Thursday, 22 November 2012 | | Source: GoldSeek.com
· Technically gold, silver, copper and crude oil are bullish
General market conditions
Gold
and silver have managed to trade over $1720 and $3300 this week and
look headed for big gains. Chinese manufacturing expansion in November
should be bullish for base metals. News from Europe and handling of the
US fiscal cliff will be the key. There is no news for a sell off in gold
and silver and traders will prefer to remain long than short.
Investment demand of gold in India should rise as prices are near
historical highs. 14 carat purity gold jewelry is now easily available
in India and we expect this to shift to 8 carat purity levels when
Indian gold prices surge past Rs.45000 per ten grams. We expect Indian
gold prices to rise to Rs.52000 per ten grams in the next four years.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy around $1726 stop loss $1708 for $1755+ or buy over $1738 for $1747-$1767
NYMEX CRUDE OIL: Buy on dips with a stop loss below $84.00
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1732.00
Bullish over $1728 with $1742.20 and $1764.70 price target
Bearish below $1722 with $1715.10 and $1695.40 as price target
Neutral Zone between $1722.00-$1728
Break point: $1738.6
- Gold can rise to $1755 and $1767 as long as it trades over $1722
- There will be a technical break down only below $1722
NYMEX CRUDE OIL (1ST CONTRACT) - current price $87.73
Bullish over $87.60 with $90.50 and $92.20 as price target
Bearish below $85.90 with $83.70 and $80.36 as price target
Break point: $87.60
- Crude oil needs to break $90.50 for further gains.
- At higher prices there will be buyers only if crude oil trades over $90.50
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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
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
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-- Posted Thursday, 22 November 2012 | Digg This Article
| Source: GoldSeek.com
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