-- Posted Thursday, 20 December 2012 | | Disqus
· Nymex crude oil 100 day MA is at $90.66
General market conditions
Gold and silver can only rise if there is short covering as traders start to leave for their Christmas and New Year Vacations. If there is no short covering either today or tomorrow then one can expect more losses today as well as tomorrow. Copper is bearish but will prefer to use any $10-$15 dips to invest for the short term.
In case you are long in base metals then average in on any five percent dips and stay invested for January. The reason is the global economic growth outlook for 2013 is better than 2012. Base metals prices mainly reflect expected global economic growth. They are not in a bear trend yet.
The fall in precious metals and base metals is just yearend position squaring and rebuilding and the bear trend will be there only if they fall after middle of January 2013.
COMEX COPPER MARCH 2013 – current price $358.00
Bullish over $360.90 with $373.20 -$383.20 as price target
Bearish below $357.00 with $354.30-$349.90 as price target
Neutral Zone between: $357.00-$360.90
Break point: $357.00
- Copper desperately needs to trade over $357 to be in bullish zone. It can fall to $348 and $337 in case it trades below $357
NYMEX CRUDE OIL (1ST CONTRACT) - current price $89.50
Bullish over $87.90 with $90.50 and $92.30 as price target
Bearish below $86.90 with $85.30 and $84.30 as price target
Break point: $90.50
- Key long term resistance is at $90.50 and crude oil needs to break and trade over $90.50 to target $92.20-$94.00
- Another wave of selling will be there if crude oil trades below $87 in US session.
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.
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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 December 2012 | Digg This Article
| Source: GoldSeek.com
