-- Posted Thursday, 17 January 2013 | | Disqus
COMEX REPORT
· Technically all commodities are in a neutral zone to bullish zone
Gold has closed (daily) over $1670 for more than two consecutive days while silver has had a daily close over $3066 for three consecutive days which itself are a bullish signal for further gains. In case has a weekly close over $1670 and silver has a weekly close over $3066 then it will mark the beginning of another big rise. Right now it seems that the bullish foundations are being put in place in gold and silver.
Base metals rise has been curtailed by expectation that global growth will be below market expectation. We have the Chinese New Year in the first week of February. Chinese factories will be closed around that time. Chinese factories will resort to changing their base metals inventories.
We prefer a buy on dips strategy as long as gold trades over $1657 and silver trades over $3066. Selling preferable if gold does not break $1696 by tomorrow and silver does not break $3240 by tomorrow. One should use any one percent dip (if any) in gold and silver to invest for the short term.
The US dollar will be the key.
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Trading strategy for the very large traders and high risk traders
COMEX GOLD: sell around $1706 stop loss $1716 for $1675-$1649 – if the stop loss is hit then buy for $1727-$1755
Jobbers buy gold only if trades over $1683 for $1689-$1703 stop loss $1677 (risky call)
COMEX SILVER: Buy around $3050-$3060 stop loss $2970 for $3180-$3300
Jobbers buy if and only if silver trades over $3135 for $3175-$3205 stop loss $3105
COMEX COPPER: Buy around $357 stop loss $353 for $369-$379 – call till tomorrow
NYMEX CRUDE OIL: Buy at $93.00 stop loss $91.50 target $95.20-$97.60
GOLD FEBRUARY 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,652.50 | $1,660.70 | $1,668.30 | $1,679.02 | $1,686.30 | $1,695.30 | $1,706.00 | $1,716.00 |
SILVER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,038.70 | $3,065.00 | $3,099.00 | $3,135.00 | $3,176.00 | $3,205.00 | $3,276.00 | $3,336.00 |
COPPER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$353.10 | $354.50 | $357.30 | $360.00 | $362.30 | $365.00 | $370.60 | $376.30 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$89.70 | $90.30 | $92.20 | $93.10 | $94.17 | $96.56 | $97.40 | $99.80 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1679.30
Bullish over $1675.30 with $1696.00 and $1706.00 price target
Bearish below $1667.00 with $1656.00 and $1639.00 as price target
Neutral Zone between $1667.00-$1673.30
Break point: $1683.10
- Head & shoulder formation on the charts which suggest that gold can rise to $1706-$1716 as long as it trades over $1663
- Only a fall below $1663 will alter the Bullish trend.
COMEX SILVER MARCH 2013 – current price $3140.50
Bullish over $3110 with $3183-3267 as price target
Bearish below $3067 with $3020-$2966 as price target
Neutral Zone between: $3067-$3110
Break point: $3167.00
- Silver can rise to $3186-$3256 as long as it trades over $3067
- Two successive daily close over the 200 day moving average suggest that silver can rise to $3340 as long as it trades over $3060
- Daily close till Friday is very important for silver as it still needs to close over $3060 for medium term bullish trend.
COMEX COPPER MARCH 2013 – cu8rrent price $361.85
Bullish over $365.00 with $373.20 -$379.60 as price target
Bearish below $361.00 with $357.40-$352.90 as price target
Neutral Zone between: $361.00-$365.00
Break point: $365.00
- Copper can rise to $374-$384 in short term as long as it trades over $356
- Watch $362 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $94.13
Bullish over $92.24 with $95.60 and $97.90 as price target
Bearish below $90.30 with $88.80 and $87.70 as price target
Break point: $93.80
- Crude oil looks headed for $97.20-$99.90 as long as it trades over $91.20
- Bearish trend will be there if (A) Crude does not break $96.00 by Friday.
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 Manan Somani
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 Thursday, 17 January 2013 | Digg This Article
| Source: GoldSeek.com
