-- Posted Wednesday, 23 February 2011 | | Source: GoldSeek.com
COMEX DAILY REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
TODAY
Gold and silver will fall if and when focus shifts away from the Middle East and North Africa region. Libya is trying to crush democratic moves, other rulers are also scared. Bahrain formula one grand prix has been postponed. This suggests that the situation can go out of hand in the middle east. Overall trend is bullish for gold and silver and corrections will be a part and parcel of a long term bull rally.
Crude oil and copper fell on profit taking. We remain bullish on both of them and would use the next fourteen days corrections to invest for April. Fundamentals are very bullish for base metals and energies this year.
COMEX TECHNICAL VIEW
GOLD APRIL 2011 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,376.00 | $1,383.00 | $1,391.00 | $1,396.20 | $1,403.00 | $1,413.00 | $1,422.80 | $1,438.50 |
SILVER MARCH 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,148.00 | $3,201.00 | $3,238.00 | $3,266.00 | $3,330.00 | $3,371.00 | $3,415.00 | $3,501.00 |
COPPER MARCH 2011 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$419.00 | $423.40 | $429.80 | $432.60 | $437.60 | $444.20 | $449.50 | $451.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$91.80 | $92.90 | $94.00 | $94.90 | $96.20 | $97.60 | $98.40 | $100.30 |
COMEX GOLD APRIL
Bullish over $1396 with $1413 and $1434 as price target
Bearish below $1387 with $1381 and $1371 as price target
Neutral Zone between $1387-$1393
- Gold needs to trade over $1400 to target $1414 and $1434.
- There will be sellers below $1399 to $1393 and $1386
- Keep a close watch at $1393 and $1404 as a break of either of these prices will result in big moves.
- Trading call: Buy gold around $1390 stop loss below $1383 target $1407 and $1419 OR sell around $1424 stop loss over $1436 price target $1412 and $1396.
COMEX SILVER MARCH
Bullish over $3330 with $3430 and $3530 as price target
Bearish below $3270 with $3230 and $3070 as price target
Neutral Zone between: $3270 and $3330
- Silver needs to break $3330 for $3410 and $3430.
- Till Friday silver will rise to $3500 as long as it trades over $3230
- Over bought conditions exist, correction can happen anytime.
- Keep a close watch at $3248 and $3230 as a break of either of these prices will result in big moves.
- Trading call: Buy over $3330 for $3350 and $3380 or sell around $3490 stop loss over $3540.
COMEX COPPER MARCH
Bullish over $439 with $444 and $451 as price target
Bearish below $434 with $429 and $421 as price target
Neutral Zone between: $434-$439
$431 price target nearly achieved. Copper needs to trade over $432 to be in bullish zone and target $
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $95.10 with $97.20 and $99.50 as price target
Bearish below $93.50 with $92.40 and $90.50 as price target.
A close below $93 will be bearish for crude oil.
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
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-- Posted Wednesday, 23 February 2011 | Digg This Article
| Source: GoldSeek.com
