-- Posted Monday, 19 September 2011 | | Disqus
COMEX DAILY REPORT
Executive summary
- Europe Rules Out Stimulus, Shuns Geithner’s Plea
- Gold opens higher while base metals and energies are lower
- Federal reserve meeting this week is the key
- Comex copper has a technical break down below $387
- Crude oil is on the edge as it needs to trade over $87.20 to be in an intraday bullish zone.
- Fundamentally base metals are bearish.
European finance ministers ruled out efforts to spur the faltering economy and showed no signs of taking up a proposal by U.S. Treasury Secretary Timothy Geithner to increase the firepower of the debt crisis rescue fund. Inviting Geithner to a euro meeting for the first time, the European finance chiefs said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation.
German Chancellor Angela Merkel suffered a heavy defeat in a regional Berlin election on Sunday, weakening her hand before a crucial euro zone vote in parliament at the end of the month. All these are bearish for euro and bullish for gold and safe havens.
TODAY
Spot gold can rise to $1850 and $1880 as long as it trades above $1810. Only a close below $1806 will be bearish for gold. Silver is at a critical juncture and needs to trade over $40.60 for the whole day to be in a bullish zone. Physical demand in India of gold will only rise on every dip. Demand will vanish if gold falls below $1760 and also has a daily close below $1760 which is highly unlikely at the moment.
Base metals and energies would have crashed like a pack of cards but for China. It remains to be seen how long China supports base metals. Physical buyers of copper are absent from the market in the USA and Europe. LME copper (3 month) needs to trade over $8000 to be in a short term bullish zone.
COMEX TECHNICAL VIEW
COMEX COPPER DECEMBER
Bearish below $384 with $376 and $366 as price target
Bullish over $387 with $399.60 and $408 as price target
Neutral Zone between: $384-$387
Break point: $396.80
- There will be a technical break down below $387 to $376.20 and it needs to break $401.20 to be in a bullish zone.
- Trading call: Sell below $387 for $381-$376
- Limit order: buy around $370 stop loss below $360
MCX GOLD OCTOBER
Bullish over 27750 with 28127 and 28536 as price target
Bearish below 27646 with 27210- 26856-262210 as price target
Neutral Zone: 27646-27750
BREAK POINT: -27077-27750
- Gold needs to trade over 27700 for the whole day to target 28100-28400 once again. It is in a neutral zone.
- There will be sellers below 27700.
- Momentum call: Buy over 27800 for 27990-28200 or sell below 27700 for 27550-27300-27077
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
NOTES TO THE ABOVE REPORT
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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APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
MCX GOLD: Rs.7000-Rs.10000 per lot
-- Posted Monday, 19 September 2011 | Digg This Article
| Source: GoldSeek.com
