-- Posted Tuesday, 14 August 2012 | | Disqus
Technically the next three days are very crucial for gold and silver and if they do not break $1637 and $28.60 they will fall to $1530 and $24.80. Traders will book profit on their long positions if gold and silver do not rise. However at the moment it seems gold and silver’s fall will not be sustainable unless accompanied by a fall in the global stock markets.
Copper and base metals are fundamentally bearish.
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 DECEMBER 2012: Buy over $1616 for $1620-$1627-$1637
SILVER SEPTEMBER 2012: Buy over $2790 for $2805-$2825-$2860
COPPER SEPTEMBER 2012: sell below $333 for $330.50-$327.50
NYMEX CRUDE OIL: Sell below $93.0 for $91.50-$90.50
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1613.80
Trading Strategy: Watch $1616
Bullish over $1618 with $1632 and $1647 price target
Bearish below $1609 with $1599.50 and $1588 as price target
Neutral Zone between $1609-$1618
Break point: $1615.00
- Gold can fall to $1598 if it does not break $1632
- Trading call: Buy at $1598 stop loss $16588 target $1612-$1632
COMEX SILVER SEPTEMBER 2012 – current price $2777
Trading Strategy: Watch $2792
Bullish over $2792 with $2865-$2965 as price target
Bearish below $2760 with $2725 - $2630 as price target
Neutral Zone between: $2760-$2792
Break point: $2760
- Failure to break past $2860 will result in a fall back to $2710 and $2640
- There will be sellers on rise as long as silver does not break $2860
- Trading call: Buy at $2700 stop loss $2630 target $2825-$2860
COMEX COPPER SEPTEMBER 2012 – current price $333.85
Trading Strategy: Fresh wave of selling below $333.00
Bullish over $336 with $341 -$346 as price target
Bearish below $333 with $327.80-$321.10 as price target
Neutral Zone between: $333-$336
Break point: $336.10
- $331 is the key support and copper can fall to $321 if it trades below $331
- Trading call: Buy at $321 stop loss $317 target $331-$343
NYMEX CRUDE OIL (1ST CONTRACT) - current price $92.70
Bullish over $93.00 with $94.80 and $97.80 as price target
Bearish below $91.80 with $90.30 and $87.60 as price target
Break point: $93.30
- Crude oil needs to trade over $93.00 else it will fall to $90.50 and $88
- There will be sellers as long as crude oil trades below $94.20
- Trading call: Sell at $94 stop loss $96.50 target $89.90-$87.50
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.
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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 Tuesday, 14 August 2012 | Digg This Article | Source: GoldSeek.com