-- Posted Wednesday, 30 January 2013 | | Disqus
COMEX REPORT
· Gold and silver are in a neutral zone to bullish zone.
The US dollar is weaker against the major currencies which should result in more gains for metals and energies. We have the Federal reserve meeting tonight and any hints that withdrawal of monetary easing will be delayed will result in more thrashing for the greenback. Between the previous Federal Reserve meeting and today’s Federal Reserve meeting, US economic numbers are mixed which suggest the Federal Reserve will use a cautious stance and not an aggressive monetary easing out policy.
Traders will prefer to go long commodity and short dollar before the FOMC meet and there after further price movement will depend on technical ability to break past $1700 for gold and silver to trade over $3155.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy around $1630-$1632 stop loss $1619 target $1676-$1696-$1700
Jobbers buy gold only if trades over $1663 for $1675-$1696
COMEX SILVER: Buy around $3020-$3030 stop loss $2960 for $3220-$3320
Jobbers buy silver only if trades over $3155 for $3185-$3255
COMEX COPPER: Buy around $367 stop loss $358 for $379-$386 – call till Monday
NYMEX CRUDE OIL: Sell at $100.20 stop loss $101.30 target $95.90-$93.90
GOLD FEBRUARY 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,626.30 | $1,638.10 | $1,644.50 | $1,655.90 | $1,665.10 | $1,676.40 | $1,683.00 | $1,697.80 |
SILVER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,016.00 | $3,052.00 | $3,087.00 | $3,143.00 | $3,169.00 | $3,198.00 | $3,285.00 | $3,360.00 |
COPPER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$358.30 | $361.30 | $364.90 | $368.50 | $372.00 | $375.80 | $379.10 | $383.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$93.70 | $94.80 | $96.00 | $97.02 | $98.90 | $100.20 | $101.90 | $102.30 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2013 – current price $1663.40
Bullish over $1652.00 with $1675.00 and $1693.70 price target
Bearish below $1642.00 with $1632.20 and $1621.00 as price target
Neutral Zone between $1642.00-$1652.00
Break point: $1665.30
- Gold has the best chance today till Friday to rise to $1700 if it manages to trade over $1648
- Selling will be there on (A) A fall below $1648 after the FOMC announcement
COMEX SILVER MARCH 2013 – current price $3143.00
Bullish over $3140 with $3196-3264 as price target
Bearish below $3105 with $3065-$3010 as price target
Neutral Zone between: $3105-$3140
Break point: $3102.00
- There is a technical congestion between $3055-$3160 and as long as silver trades over $3055 the chances of $3260 are higher.
- Another wave of selling will be there below $3055
COMEX COPPER MARCH 2013 – cu8rrent price $370.65
Bullish over $368.50 with $373.20 -$379.60 as price target
Bearish below $363.90 with $359.50-$355.90 as price target
Neutral Zone between: $363.90-$368.50
Break point: $371.40
- Copper has the best chance to rise to $385 by Friday as long as it trades over $364
- There will be another wave of selling only if copper trades below $367 after the FOMC announcement.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $97.57
Bullish over $95.60 with $98.90 and $100.20 as price target
Bearish below $94.7 with $93.70 and $91.20 as price target
Break point: $94.70-$96.50
- Crude oil needs to trade over $97.20 to target $100.20-$102.20
- There will be sellers only below $95.90
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 Wednesday, 30 January 2013 | Digg This Article
| Source: GoldSeek.com
