-- Posted Friday, 19 November 2010 | Digg This Article
| | Source: GoldSeek.com
COMEX DAILY REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The squabbling between the Federal Reserve trying to justify the second stimulus measure and later trying to put pressure on China to act will result in weakness for the US dollar and gains for commodities. The Irish bailout is still a problem. Sovereign debt default in Europe will remain a cause of concern among the eurozone officials. Investors are sandwiched on whether to buy the euro or the US dollar. In the end they will support gold and get rid of the currencies. Sharp and wild corrections will be a part and parcel of a long term bull rally. Trade carefully. Volatility is very high. Use high stop losses. Technically all commodities are bullish.
Key closing levels to be in a bull trend next week:
Gold December: $1347
Silver December: $2557
Copper December: $377.90
Crude oil: $82.20
A close today below these prices can result in more losses next week.
GOLD DECEMBER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,311.00 | $1,323.90 | $1,331.00 | $1,346.50 | $1,357.10 | $1,369.90 | $1,384.00 | $1,403.00 |
SILVER DECEMBER 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,492.00 | $2,521.00 | $2,557.00 | $2,663.00 | $2,721.00 | $2,771.00 | $2,800.00 | $2,864.00 |
COPPER DECEMBER 2010 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$361.80 | $366.00 | $370.70 | $377.90 | $384.80 | $389.30 | $393.90 | $403.70 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$78.70 | $79.40 | $80.19 | $81.46 | $82.83 | $83.94 | $85.00 | $86.00 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER
Bullish over $1345.0 with $1369 and $1388 as price target
Bearish below $1337.00 with $1329 and $1318 as price target
Neutral Zone between $1337-$1345
Gold can rise to $1369 and $1388 as long as it trades over $1341. There will be sellers only below $1341 today.
COMEX SILVER DECEMBER
Bullish over $2660 with $2612 and $2763 as price target
Bearish below $2620 with $2580 and $2453 as price target
Neutral Zone between $2620-$2660
Silver can rise to $2773 and $2970 as long as it trades over $2643. There will be sellers below $2643 to $2612 and $2512.
COMEX COPPER DECEMBER
Bullish over $377 with $384 and $391 as price target
Bearish below $371 with $366.00 and $359.0 as price target
Neutral Zone between: $371-$377
The key long term support is at $363 and as long as copper trades over this zone it will rise to $389+ once again.
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $82.20 with $84.58 and $87.20 as price target
Bearish below $79.70 with $77.80 and $76.50 as price target.
100 day MA and 200 day MA are both at $78.60 and as long as $78.60 holds crude oil will rise to $91+. At lower prices we prefer to sell only below $78.60.
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
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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You can also mail your queries at chintan@insigniaindia.com
-- Posted Friday, 19 November 2010 | Digg This Article | Source: GoldSeek.com
