-- Posted Friday, 18 January 2013 | | Disqus
COMEX REPORT
· Technically all commodities are in a neutral zone to bullish zone
Mixed economic numbers from the USA yesterday in the form of a rise in US housing starts and a fall in manufacturing in December implies that withdrawal of QE3 will not be as quick as the markets initially expected. This resulted in gold and silver paring all their initial losses in the US session yesterday and rising. In case gold has a weekly close over $1685 and silver has a weekly close over $3156 then a rise to $1716-$1755 and $3300-$3530 over the next weeks could be possible. I keep my fingers crossed.
Base metals will be volatile but crude oil looks headed for $102-$106 on the technical charts as long as it trades over $92.
There is speculation that the custom duty on gold imports will be raised by two percent next month in India. There is further speculation that official Indian gold imports will fall by 20% in 2013 in the event of a custom duty increase but followed by an increase in smuggling. Higher custom duties will result in a fall in gold demand in India. Reduction of fuel subsidies has already increased the urban cost of living significantly and reduced urban savings. Urban gold jewelry demand in India should fall in the first six months to eight months of 2013 and thereafter rise. Indian rural gold demand will be dependent on monsoon and/or outlook for monsoon.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy around $1675-$1678 stop loss $1655 target $1696-$1706-$176
Jobbers buy gold only if trades over $1683 for $1689-$1703 stop loss $1677 (risky call)
COMEX SILVER: Buy around $3100-$3110 stop loss $3055 for $3230-$3300
Jobbers buy if and only if silver trades over $3180 for $3205-$3230 stop loss $3165
COMEX COPPER: Buy around $361 stop loss $354 for $371-$379 – call till tomorrow
NYMEX CRUDE OIL: Buy at $93.00 stop loss $91.50 target $95.20-$97.60
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1688.50
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 $3177.50
Bullish over $3110 with $3213-3283 as price target
Bearish below $3067 with $3020-$2966 as price target
Neutral Zone between: $3067-$3110
Break point: $3167.00
- $3155.50 is the key support and silver needs to trade over $3155.50 for the whole day to target $3205-$3275
- Two successive daily close over the 200 day moving average suggest that silver can rise to $3340 as long as it trades over $3060
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.
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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 Friday, 18 January 2013 | Digg This Article
| Source: GoldSeek.com
