-- Posted Friday, 1 June 2012 | | Disqus
Executive Summary
· Technically gold, silver, copper and crude oil are bearish but oversold.
· All eyes are will be on the US May non farm payrolls today.
· Gold needs to trade over $1548 to be in a bullish zone.
Today’s closing could set the direction till the Federal Reserve meeting. Europe squabbling will continue. HSBC China PMI for May 48.4 vs. April's 49.3 suggests more Chinese slowdown which will be bearish for base metals. Jewelry demand of gold India is absent as prices are still near all time highs.
Ignore the rest and trade in the technical. Be prepared for big one way moves in gold and silver anytime till next week. The recent consolidation phase will be over.
TODAY
We prefer to remain on the sidelines today. Intra day volatility is expected to remain high.
COMEX BUY ABOVE/SELL BELOW CALLS – ONLY FOR THOSE TRADERS WHO TRADE ON TRADING SCREENS
(To be done on which ever trading call is executed first)
GOLD AUGUST 2012: Buy over $1561 for $1568-$1578 or sell below $1548 for $1543-$1536
SILVER JULY 2012: Buy over $2790 for $2820-$2856-$2910 or sell below $2745 for $2725-$2680
COPPER JULY 2012: Buy over $339.40 for $343.50-$353 or sell below $335 for $331.50-$326.40
NYMEX CRUDE OIL: Buy over $87.10 for $89.20-$90.50 or sell below $85.90 for $85.10-$82.40
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2012 – current price $1557
Trading Strategy: Neutral
Bullish over $1565 with $1584 and $1599 price target
Bearish below $1557 with $1537 and $1519.80 as price target
Neutral Zone between $1557-$1565
Break point: $1535.80
- Gold needs to trade over $1565 else it will fall to $1535 and below
- Trading call: Sell around $1599 stop loss $1607 for $1535 (if stop loss is hit then buy for $1637-$1667)
NYMEX CRUDE OIL (1ST CONTRACT) - current price $86.20
Key resistance $87.10
Bearish below $87.60 with $85.40- and $83.20 as price target
Bullish over $89.10 with $90.50 and $92.20 as price target
Break point: $86.55
- $87.10 is the key resistance and crude oil needs to trade over $87.10 to target $90.50
- Trading call: Buy at $82.30 stop loss $80.30 for $90.50 – call till Friday
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.
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
Happy profitable trading
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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.
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
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-- Posted Friday, 1 June 2012 | Digg This Article
| Source: GoldSeek.com
