-- Posted Wednesday, 6 February 2013 | | Comment

COMEX REPORT

�         Gold and silver are in a bullish zone

The yen slid to its weakest level in almost three years against the dollar and euro on speculation Japan�s government will hasten the selection of a new central bank chief to take further steps to end deflation. Yen will be the key to gold and silver prices in the short term apart from global economy. Weakness in yen is reflecting fundamental and there is no reason to think that it is deliberate currency depreciation by the bank of Japan. However we expect US dollar �Japanese yen to form a short term top anytime in February and that yen should start to gain in March when Japanese multinationals repatriate their global profits back to Japan.

Technically gold and silver are in a bullish zone but need to break $1696 and $3260 for further gains. Traders will now start taking positions for the European central bank meeting and bank of England meeting tomorrow. Currency traders should buy far dated call options (after June) in USD/GBP and USD/JPY as we expect them to rise in the second half of the year.

Trading strategy for the very large traders and high risk traders

COMEX GOLD: Sell at $1696-$1703 stop loss $1711 for $1663-$1642. If the stop loss of $1711 is hit then buy for $1728-$1755

Jobbers buy gold at $1665-$1668 stop loss $1654 target $1685-$1696

COMEX SILVER: Buy around $3060-$3070 stop loss $3010 for $3260-$3320

Jobbers buy silver only if trades over $3198 for $3225-$3275

COMEX COPPER: Buy around $368 stop loss $361 for $384-$396

NYMEX CRUDE OIL: Sell at $100.20 stop loss $101.30 target $95.90-$93.90

COMEX TECHNICAL VIEW

COMEX GOLD APRIL 2013 � current price $1673.50

Bullish over $1663.00 with $1696.00 and $1706.00 price target

Bearish below $1655.00 with $1642.20 and $1630.00 as price target

Neutral Zone between $1655.00-$1663.00

Break point: $1675.00

• Gold can rise to $1692-$1703 as long as it trades over $1659
• There will be sellers only if gold trades below $1669 in US session.

COMEX SILVER MARCH 2013 � current price $3177.00

Bullish over $3160 with $3230-3330 as price target

Bearish below $3115 with $3075-$3025 as price target

Neutral Zone between: $3115-$3160

Break point: $3160.00

• Silver needs to break $3300 else it will consolidate in $3100-$3300 range.
• Watch $3148 all the time

COMEX COPPER MARCH 2013 � current price $377.75

Bullish over $369.50 with $379.30 -$385.40 as price target

Bearish below $363.90 with $359.50-$355.90 as price target

Neutral Zone between: $363.90-$368.50

Break point: $383.40

• Copper can rise to $385-$396 as long as it trades over $373
• There will be sellers only if copper trades below $373 in US session.

NYMEX CRUDE OIL (1^ST CONTRACT)  - current price $96.69

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

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, 6 February 2013 | Digg This Article | Source: GoldSeek.com

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