-- Posted Wednesday, 28 December 2011 | | Disqus
COMEX DAILY REPORT
Executive Summary
· Technically gold and silver are bearish
· U.S. says China’s not a currency manipulator
· Iran threatens to stop Gulf oil if sanctions widened
· Crude should remain firm on Iran
· A close below $1610 will be bearish for gold
· A close below $3000 will be bearish for silver
· A close over $344 will be bullish for copper
Crude oil is the key headline as Iranian tension and increased chances of an armed conflict with Iran rise for 2012. Iran is the key for crude oil prices and more and more nations are being forced not to buy Iranian oil by the USA and its allies.
Iran threatened on Tuesday to stop the flow of oil through the Strait of Hormuz if foreign sanctions were imposed on its crude exports over its nuclear ambitions, a move that could trigger military conflict with economies dependent on Gulf oil.
Our view: In a global economy trying to recover from a near recession, higher and sustained higher crude oil prices could result in move back to a long and sustained recession. The USA could attack Iran through Israel. Libya was not attacked by the USA but the USA had a big role to play. The politicians of the USA and Europe should think of the masses and not their own personal ambitions or it is just a case of a large military sitting idle in these nations and they need to do something for their armed forces. If crude oil prices rise over $120 and remain over $120 in 2012 for a few months then the global economy will be in deep shit. I still think how can US president Barack Obama justify higher crude oil prices to his voters in an election year.
The U.S. says China’s not a currency manipulator and this should diffuse some tensions between the two nations. Indirectly the US is recognizing the economic might of China when its own economy is under stress. Everyone knows that China and the USA supplement and compliment each other. The USA needs cheap Chinese products to spur consumption which its own factories can never produce while China needs food grains, technology, etc. from the USA. A step in the right direction for the global economy.
TODAY
Gold needs to trade over $1590 else it will fall to $1565 and $1548. Silver needs to trade over $2830 to prevent another wave of selling.
Remain on the sidelines as global trading volumes are less.
COMEX TECHNICAL VIEW
GOLD FEBRUARY 2012 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,548.10 | $1,565.40 | $1,581.60 | $1,586.80 | $1,593.50 | $1,603.10 | $1,612.70 | $1,624.50 |
SILVER MARCH 2012 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,692.00 | $2,803.00 | $2,828.00 | $2,859.00 | $2,891.00 | $2,916.00 | $2,941.00 | $3,012.00 |
COPPER MARCH 2012 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$322.60 | $333.60 | $336.50 | $340.10 | $345.20 | $350.50 | $356.90 | $363.80 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$96.60 | $97.90 | $99.10 | $100.80 | $102.20 | $103.65 | $105.20 | $107.60 |
COMEX GOLD FEBRUARY 2012
Bullish over $1603 with $1632 and $1662 as price target
Bearish below $1593 with $1581 and $1565 as price target
Neutral Zone between $1593-$1603
Break point: $1603.10
- Gold can fall to $1567 and $1548 as long as it trades below $1603
- Sellers will be there as long as gold trades below $1603
- Trading call: Buy over $1592 for $1596-$1603-$1615 or sell below $1586 stop over $1593 for $1579-$1565
COMEX SILVER MARCH 2012
Bullish over $2916 with $2970-$3012 as price target
Bearish below $2803 with $2692-$2504 as price target
Neutral Zone between: $2806-$2916
Break point: $2916-$2803
- There is a technical congestion between $2803-$2916 and silver needs to trade over this zone to target $3012+. There will be a technical break down on a sustained fall below $2803.
- There will be sellers on rise as long as silver trades below $3012
- Trading call: Sell only on a consolidated fall below $2800
COMEX COPPER MARCH 2012
Bullish over $345 with $351 -$361 as price target
Bearish below $341 with $336-$329 as price target
Neutral Zone between: $336-$339
Break point: $345.20
- Copper needs to trade over $345.20 for the whole day to target $351-$358. Copper can fall to $331-321 as long as it trades below $345.20
- There will be buyers on dips as long as copper trades over $331-$334 zone
- Trading call: Sell below $341 for $336.90-$329 or buy over $344.20 for $349.10-$353.40
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $99.10 with $102.70-$105.60 as price target
Bearish below $97.60 with $95.40 and $93.90 as price target
Break point: $100.50
- $100.50 price target achieved. Crude oil needs to trade over $100.50 to target $103.60-$107.10
- There will be buyers on dips as long as crude oil trades over $98
- Trading call: No call
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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You can also mail your queries at chintan@insigniaindia.com
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
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
-- Posted Wednesday, 28 December 2011 | Digg This Article
| Source: GoldSeek.com
