-- Posted Thursday, 20 September 2012 | | Disqus
COMEX DAILY REPORT
The fall in crude oil prices and energy prices makes me believe that it is an election gimmick before the US presidential elections. If commodity prices are dictated by fundamentals then base metals prices should also fall. There is concern that China will gobble up all of the surplus base metals inventory as it restarts it huge infrastructure program. Infrastructure projects take years to complete which implies that base metal prices should more than double in the next two years. The rise in base metals is purely speculative and nothing else. I do not think the Chinese government will be foolish to buy base metals in two years from now at double prices.
The fact that the Bank of Japan, the Bank of England, the European central bank, and the federal reserve are all resorting to continued hyper money supply implies that risk assets will face another big bubble after three years (when federal reserve zero rates end and bond buying ends). This bubble will be uncontrollable. Gold and only gold will be the main investment. Gold has started showing signs of a currency among central bankers. Central banks will be net buyers this year and over the coming years. “Gold standard” is about to leash. One needs to just determine the pace of the rise and invest.
Trade carefully as it will be a very volatile day.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy on dips with a stop loss below $1747 for $1810. If the stop loss is hit then sell for $1710
COMEX SILVER: Buy on dips with a stop loss below $3370. If the stop loss is hit then buy for $3625
COMEX COPPER: Sell on rise with a stop loss of $392
NYMEX CRUDE OIL: Buy only if crude oil trades over $92.00
GOLD DECEMBER 2012 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,736.80 | $1,750.10 | $1,757.20 | $1,765.30 | $1,779.20 | $1,787.70 | $1,796.50 | $1,810.00 |
SILVER DECEMBER 2012 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,318.00 | $3,374.00 | $3,403.00 | $3,440.00 | $3,478.00 | $3,505.00 | $3,524.00 | $3,605.00 |
COPPER DECEMBER 2012 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$361.10 | $365.50 | $371.30 | $376.30 | $381.00 | $385.20 | $387.60 | $390.40 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$83.16 | $88.30 | $89.72 | $90.34 | $92.00 | $93.42 | $95.53 | $97.20 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2012 – current price $1774.0
Trading Strategy: watch $1752
Bullish over $1752 with $1786 and $1810 price target
Bearish below $1741 with $1731 and $1714 as price target
Neutral Zone between $1741-$1752
Break point: $1787.10
- Gold needs to trade over $1752 today to target $1787-$1810
- There will be buyers on dips as long as gold trades over $1747
- Trading call: No call
COMEX SILVER DECEMBER 2012 – current price $3477.00
Trading Strategy: Watch $3477
Bullish over $3477 with $3536-$3636 as price target
Bearish below $3425 with $3376- $3225 as price target
Neutral Zone between: $3425-$3477
Break point: $3477
- Silver needs to trade over $3477 to target $3649
- Another wave of selling will be there only if silver trades below $3377
- Trading call: Buy at $3377 stop loss $3348 target $3350+
COMEX COPPER DECEMBER 2012 – current price $379.80
Trading Strategy: Watch $387
Bullish over $381 with $387.50 -$402 as price target
Bearish below $374 with $361.40-$349.10 as price target
Neutral Zone between: $374-$381
Break point: $387.20
- Copper could consolidate in $368-$388 wider range before the next leg higher.
- Trading call: No call
NYMEX CRUDE OIL (1ST CONTRACT) - current price $91.95
Bullish over $94.40 with $97.20 and $99.20 as price target
Bearish below $92.00 with $90.50 and $87.56 as price target
Break point: $90.34
- $90.34 is the key long term support and crude oil needs to trade over $90.34 to be in bullish zone and target $95.20.
- There will be a technical break down below $90.50 to $87.52 and $83.42
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
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.
Trade without emotions & Have a great weekend.
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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 Thursday, 20 September 2012 | Digg This Article
| Source: GoldSeek.com
