-- Posted Wednesday, 31 December 2008 | Digg This Article
| Source: GoldSeek.com
WISH U ALL A VERY PROFITABLE 2009
DAILY COMEX REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
As the day progresses trading volumes will fall. Its time to be a bit nostalgic and hope that we do not repeat the trading mistakes we did in 2008. In 2008 other than gold all the commodities fared badly. One of the common mistakes which a day trader did was that they used to double the trades once the stop losses were triggered. All I can say is that 2009 will be as volatile as 2008. Expect the unexpected. “Trade less but trade profitably” should be everyone’s motto.
Day traders do no enter 2009 with losses on the last trading day of 2008. Trade profitably. I am against trading today as celebrations should take preference over trading. As for me daily reports have to be prepared so I am preparing the reports.
GOLD | SILVER |
COMEX GOLD FEBRUARY FUTURE -- $871.30 | COMEX SILVER -- MARCH FUTURE -- $1102.0 |
| Lower | Expected | Higher | | Lower | Expected | Higher |
BUY | 839.20 | 861.30 | 892.00 | BUY | 1020.00 | 1080.00 | 1136.00 |
SELL | 859.00 | 886.00 | 928.30 | SELL | 1076.00 | 1121.00 | 1176.00 |
EXPECTED TRADING RANGE |
GOLD FEB 09 -- $847.0 -- $920.00 | SILVER MARCH 09 -- $1040 - $1175.00 |
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE |
COPPER MARCH 08 -- $127.00 - $157.00 | NYMEX CRUDE OIL - $35 - $45.00 |
FOR TRIAL OF OUR SERVICES CALL AT 9311139549/011-32919880 |
GOLD FEBRUARY 09 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$839.90 | $853.60 | $861.20 | $869.30 | $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 $865 and on dips as long as $860 holds stop loss $5-$6 per trade OR sell gold $879-$882 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 $860 or over $892 stop loss $10-$12 per trade OR sell below $860 for $847 stop loss $7-$8 per trade.
Silver March: Buy on dips as long as $1030 holds OR over $1108 use 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
Gold needs to close over $860 today and Friday to target $930 by next week. A close below $860 on Friday will be bearish for gold.
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.
DISCLOSURE: NO POSITIONS
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 Wednesday, 31 December 2008 | Digg This Article | Source: GoldSeek.com
