-- Posted Tuesday, 4 December 2012 | | Disqus
COMEX REPORT
· Spot gold needs to trade over $1710 to be in bullish zone
· Spot silver needs to trade over $33.13 to be in bullish zone.
General market conditions
The decline in US manufacturing is mainly due to damage caused by hurricane sandy and it should recover in December. Only if US manufacturing growth falls in the first quarter of 2013 will I be concerned about growth and employment prospects. Greece is living up to the expectations which is the reason for gains for the euro/usd. Thursday and Friday could be a roller coaster ride for the traders due to central bank meetings of the bank of England and the European central bank and US November non-farm payrolls.
Be prepared for very big one way moves in gold and silver anytime from now till Friday. If you are the wrong direction then all stop losses will get triggered.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy around $1690 stop loss $1676 target $1728-$1742
COMEX SILVER: Buy if and only if silver trades over $3380 for $3425-$3480
COMEX COPPER: Buy on dips with a stop loss below $353 for $372-$387
NYMEX CRUDE OIL: Buy on dips with a stop loss below $84.00
GOLD FEBRUARY 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,685.65 | $1,691.20 | $1,704.02 | $1,713.85 | $1,722.20 | $1,729.75 | $1,736.15 | $1,743.00 |
SILVER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,201.00 | $3,278.00 | $3,309.00 | $3,334.00 | $3,401.00 | $3,439.00 | $3,476.00 | $3,558.00 |
COPPER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$350.20 | $355.25 | $359.10 | $362.00 | $366.00 | $369.90 | $375.00 | $384.40 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$84.11 | $86.00 | $87.55 | $88.20 | $89.80 | $90.20 | $91.80 | $92.40 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1714.20
Bullish over $1713.80 with $1736.00 and $1755.00 price target
Bearish below $1703 with $1695.40 and $1673.20 as price target
Neutral Zone between $1703.00-$1713.80
Break point: $1713.40
- There is technical congestion between $1690 and $1710 and gold needs to trade over this zone to target $1736-$1752.
- Looks mildly bearish but we need to wait and watch before going short.
COMEX SILVER MARCH 2013 – current price $3340.00
Bullish over $3334 with $3478-3559 as price target
Bearish below $3278 with $3214- $3122 as price target
Neutral Zone between: $3278-$3334
Break point: $3425.90
- Silver needs to break $3500 by Friday. In case silver does not break $3500 by Friday then it will fall to $3230 and $3130 before the next leg higher.
- We prefer to invest in silver on any $125-$175 dip (if any) for the short term.
COMEX COPPER MARCH 2013 – current price $362.20
Bullish over $358.10 with $369.80 -$383.20 as price target
Bearish below $355.00 with $351.10-$347.80 as price target
Neutral Zone between: $355.00-$358.10
Break point: $362.10
- Copper can rise to $369-$384 as long as it trades over $355
- Key intra day support is at $355
NYMEX CRUDE OIL (1ST CONTRACT) - current price $88.70
Bullish over $86.90 with $90.50 and $92.20 as price target
Bearish below $85.40 with $84.20 and $82.30 as price target
Break point: $88.80
- Crude oil can rise to $91.15 and $93.10 this week as long as it trades over $86.000
- There will be buyers on dips as long as crude oil trades over $85.00
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 Tuesday, 4 December 2012 | Digg This Article
| Source: GoldSeek.com
