-- Posted Tuesday, 30 December 2008 | Digg This Article
| Source: GoldSeek.com
WISH U ALL A VERY PROFITABLE 2009
DAILY COMEX REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The only lesson I learned in 2008 for my investments is never to sleep even on long term investments. Many a times we say to ourselves that since I am a long term investor I need not worry over my investments if the long term fundamentals are positive. 2008 has proved this notion wrong. Technical analysis has been dumped and the 2008 global financial markets seemed to be manipulated by large coalition of speculators with no regulation behind them and the authorities were either sleeping or were with the manipulators. The rise and fall of crude oil and the Indian stock markets are the best example of 2008’s boom and doom scenario. 2008 only hurt the common man as he now dreams holding a punch of paper (investments) hoping he will get back his capital over the coming years.
Day traders need to be a bit cautious over their traders. Trade less but trade profitably. Ask yourself whether you will like to enter 2009 with losses behind you? The current rise in gold and silver could continue in January if key technical supports hold. Copper and crude oil are already oversold and can get a technical boost while maintaining the bearish trend. Commodities could delink themselves from the US dollar this week.
GOLD | SILVER |
COMEX GOLD FEBRUARY FUTURE -- $878.70 | COMEX SILVER -- MARCH FUTURE -- $1091.0 |
| Lower | Expected | Higher | | Lower | Expected | Higher |
BUY | 847.00 | 866.00 | 905.10 | BUY | 1020.00 | 1080.00 | 1136.00 |
SELL | 859.00 | 902.00 | 928.30 | SELL | 1076.00 | 1121.00 | 1176.00 |
GOLD FEBRUARY 09 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$839.90 | $855.80 | $865.00 | $875.40 | $888.30 | $898.20 | $905.40 | $921.10 |
SILVER MARCH 09 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$998.00 | $1,001.00 | $1,024.00 | $1,085.00 | $1,108.00 | $1,135.00 | $1,166.00 | $1,208.00 |
COPPER MARCH 09 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$117.00 | $118.60 | $124.90 | $129.80 | $132.80 | $137.60 | $145.00 | $149.00 |
CRUDE OIL |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$33.60 | $34.80 | $37.30 | $38.60 | $40.30 | $42.80 | $44.60 | $47.10 |
INTRA DAY TRADING STRATEGY.
JOBBERS
Gold Feb: Buy gold $872 and on dips as long as $865 holds stop loss $5-$6 per trade OR sell gold $888-$896 stop loss $5-$6 per trade.
Silver March: Buy silver around $1080 and on dips as long as $1060 holds stop loss $15 per trade
Copper March: A sell on rise strategy till $137 is not broken.
Crude oil (1st contract): Buy over $40.80 stop loss $1-$1.50 per trade.
DAY TRADERS
Gold Feb: Buy gold as near to $865 or over $902 stop loss $10-$12 per trade OR sell between $898-$902 stop loss $10 per trade.
Silver March: Buy on dips as long as $1020 holds OR over $1108use stop loss $15 per trade.
Copper March: Buy on dips as long as $127 holds.
Crude oil (1st contract): Sell on rise strategy till $43 is not broken.
TECHNICAL VIEW
COMEX GOLD FEBRUARY
In the short term gold targets $930 if it breaks $900. Gold will find sellers only if it falls below $865.
COMEX SILVER MARCH
Silver needs to hold $1080 to target $1165-$1220 zone. If silver does not hold $1080 then it will fall to $1030 once again.
COMEX COPPER MARCH
Copper will find sellers on rise till $137-$142 zone is not convincingly broken.
NYMEX CRUDE OIL (1ST CONTRACT)
Crude oil needs to break $41.50 to target $43.50 and $47.13. Sellers will be there only on a consolidated fall below $38.50.
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. Website www.insigniaconsultants.in
-- Posted Tuesday, 30 December 2008 | Digg This Article | Source: GoldSeek.com
