-- Posted Monday, 8 October 2012 | | Disqus
COMEX DAILY REPORT
Executive Summary
· Trade in technical today
· Gold needs to break $1810 this week else it will fall to $1752 first.
· Silver needs to break $3552 this week else it will fall to $3268 first.
General market conditions
US NFP
The U.S. unemployment rate unexpectedly dropped to 7.8 percent in September, reaching its lowest level since President Barack Obama took office. US employers added 114,000 workers to their payrolls last month. But it said a combined 86,000 more jobs were created in the prior two months than it had previously thought. Other aspects of the report also were strong.
Our view: This will not change Federal Reserve quantitative easing bias. It is too early to comment on US job recovery. If and only if the jobs growth continues till December then I will be forced to change my stance on quantitative easing. The US non farm payrolls numbers can reduce the pace of the rise of gold and silver and not the rise.
TODAY
News from Europe will once again be the key for the markets. Just trade in technical today and act on news which is significant. Technically gold and silver are in a neutral zone.
COMEX COPPER DECEMBER 2012 – current price $373.50
Bullish over $377.10 with $382.50 -$396.40 as price target
Bearish below $373.80 with $367.90-$359.80 as price target
Neutral Zone between: $373.80-$377.10
Break point: $373.50
- Copper needs to trade over $373.50 to target $386.
- There will be sellers only if copper trades below $373.50
MCX COPPER NOVEMBER 2012
(Prices in Indian rupees)
Key short term support is at 427.40 and copper needs to trade over 427.40 for the rest of October to target 444-452. There will be a technical break down on a daily close below 427.40 for two consecutive days in October.
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
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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 Monday, 8 October 2012 | Digg This Article
| Source: GoldSeek.com
