-- Posted Monday, 23 May 2011 | | Disqus
COMEX DAILY REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
European sovereign debt default risk coming to surface along with a weaker US dollar resulted in gold and silver rising on Friday night. Technically gold, silver, copper and crude oil are in a bullish zone and can rise for most of the week. Huge physical demand at lower prices along with gold June futures expiry will result in further gains for gold. But the key will be whether gold breaks past $1600. I will be closely watching moves after the option expiry mid week.
COMEX TECHNICAL VIEW
GOLD JUNE 2011 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,483.60 | $1,491.10 | $1,502.20 | $1,508.40 | $1,519.60 | $1,525.70 | $1,536.80 | $1,547.10 |
SILVERJULY 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,295.00 | $3,402.00 | $3,433.00 | $3,485.00 | $3,576.00 | $3,653.00 | $3,700.00 | $3,823.00 |
COPPER JULY 2011 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$395.30 | $400.10 | $403.80 | $407.60 | $412.80 | $415.00 | $419.90 | $424.60 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$95.20 | $97.30 | $98.30 | $98.90 | $101.60 | $102.00 | $103.40 | $104.60 |
COMEX GOLD JUNE
Bullish over $1508 with $1519 and $1539 as price target
Bearish below $1502 with $1494-$1481 as price target
Neutral Zone between $1502-$1508
- Gold targets $1519 and $1539 as long as it trades over $1502.
- There will be sellers only below $1502 in US session
- Trading call: Buy over $1515 for $1519 and $1532 OR sell below $1503 for $1496 and $1484
COMEX SILVER JULY
Bullish over $3480 with $3625 and $3830 as price target
Bearish below $3410 with $3320 and 3179 price target
Neutral Zone between: $3410 and $3480
- Silver targets $3825 as long as it trades over $3350-$3450 zone.
- Selling pressure will be there below $3850 only
- Trading call: Buy over $3550 for $3590 and $3650 OR sell below $3470 for $3420 and $3380
COMEX COPPER JULY
Bullish over $404.20 with $417 and $423 as price target
Bearish below $401 with $396 and $391 as price target
Neutral Zone between: $401-$404.20
- Copper needs to trade over $407 to target $417 and $423
- There will be buyers on dips as long as copper trades over $402-$407 zone
- Trading call: Buy around $405-$408 zone stop loss below $402 price target $415
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $99.60 with $102.20 and $104.60 as price target
Bearish below $98.90 with $97.60 and $95.40 as price target.
- Crude oil will break free from the $96-$103 range this week and form a new range.
- We prefer a buy on dips strategy as long as crude oil trades over $95-$97 zone.
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
Happy profitable Trading
Weekly report will be there tomorrow morning
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-- Posted Monday, 23 May 2011 | Digg This Article
| Source: GoldSeek.com
