-- Posted Thursday, 24 January 2013 | | Disqus
COMEX REPORT
· The next three days are very crucial for gold and silver.
Gold and silver fell after the passing of the US debt limit extension for four months and repeated failed attempts to break past $1700 and $3260 respectively. For now the fall in gold and silver is just a technical correction which if it continues till Monday will result in another bear phase. In case gold and silver are able to break past $1700 and $3260 by Monday then we will witness another big wave of rise. It’s not all over for gold and silver. IMF reducing global growth forecast for 2013 will result in delaying of withdrawal of QE3 by the Federal Reserve and delay in withdrawal of excess liquidity policy by other central banks and will be positive for gold and silver. Base metals will be dictated more by Asian growth than by other nations.
Business conditions for Chinese manufacturers saw further improvement in January from the levels seen in December, according to the initial reading of a monthly survey by HSBC released Thursday. The so-called flash Purchasing Managers' Index for January climbed to a 24-month high of 51.9, up from 51.5 in December. This will ensure that base remain firm and rise.
There are lots of economic numbers from USD today which should result affect all commodities.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy around $1658-$1660 stop loss $1647 target $1696-$1706-$176
COMEX SILVER: Buy around $3120-$3130 stop loss $3080 for $3255-$3370
Jobbers buy if and only if silver trades over $3260 for $3276-$3296-$3330 stop loss $3230
COMEX COPPER: Buy around $364 stop loss $359 for $374-$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 |
$1,647.80 | $1,665.20 | $1,675.40 | $1,679.10 | $1,683.20 | $1,688.30 | $1,696.00 | $1,706.00 |
SILVER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,067.00 | $3,122.00 | $3,147.00 | $3,172.00 | $3,231.00 | $3,277.00 | $3,298.00 | $3,354.00 |
COPPER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$356.40 | $359.80 | $363.90 | $365.40 | $369.30 | $373.20 | $377.85 | $384.22 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$91.30 | $92.70 | $93.70 | $94.80 | $95.80 | $97.05 | $98.90 | $100.30 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1682.40
Bullish over $1690.75 with $1706.00 and $1726.20 price target
Bearish below $1683.40 with $1675.20 and $1652.30 as price target
Neutral Zone between $1683.40-$1690.75
Break point: $1685.30
- Gold needs to trade over $1675 today to target $1696-$1706 zone
- Selling will be there on (A) A fall below $1675 in US session (B) Gold does not break and trade over $1696
COMEX SILVER MARCH 2013 – current price $3208.00
Bullish over $3155 with $3265-3354 as price target
Bearish below $3110 with $3065-$3010 as price target
Neutral Zone between: $3110-$3155
Break point: $3253.00
- Silver needs to break $3260 by tomorrow else it will fall to $3155 and $3056 and then rise.
- Only a daily close below $3155.50 will alter the current bullish trend.
COMEX COPPER MARCH 2013 – cu8rrent price $367.80
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 $361
- Watch $369 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $95.30
Bullish over $93.20 with $97.90 and $100.20 as price target
Bearish below $92.20 with $90.50 and $88.80 as price target
Break point: $97.20
- A break of $97.20 will result in $99.80-$102.20
- US weekly crude oil inventories will be the key. A daily close below $94 will be bearish for crude oil in the short term.
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 Thursday, 24 January 2013 | Digg This Article
| Source: GoldSeek.com
