-- Posted Tuesday, 19 February 2013 | | Disqus
COMEX REPORT
· Gold imports by India’s MMTC to fall to 30-40 tonnes in FY 2012/13 vs 160 tonnes year ago as per reuters news
There are not much economic releases today. Investment demand will be the key for gold and silver. In my view gold and silver should rise as value based buying will come up in Asia and across the globe. Silver March futures are expiring next week and at lower prices averaging will be done by those who are long at higher prices. This will prevent silver prices from another crash. Copper and base metals will be dependent on the quantum of Chinese demand as Chinese factories start to reopen.
For the rest of the month another wave of selling will be there only if gold trades below $1588 any day in US session and silver trades below $2910 any day in US session. As long as these prices hold we prefer a buy on dips strategy.
Intraday volatility will be high. Trade carefully.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy at $1592-$1596 stop loss $1583 target $1642-$1676 or watch $1615 and trade accordingly.
COMEX SILVER: Buy around $2936-$2946 stop loss $2880 for $3125-$3230 or watch $3006 and buy if and only if silver trades over $3006 for $3023-$3056
COMEX COPPER: Buy around $366.90 stop loss $363.90 for $373-$378
NYMEX CRUDE OIL: Buy at $92-$92.20 stop loss $90.50 for $97.20-$99.60
GOLD APRIL 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,581.70 | $1,588.30 | $1,596.10 | $1,606.30 | $1,617.40 | $1,624.80 | $1,633.50 | $1,637.60 |
SILVER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,910.00 | $2,940.00 | $2,976.00 | $3,002.00 | $3,029.00 | $3,037.00 | $3,078.00 | $3,128.00 |
COPPER MARCH 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$362.30 | $364.40 | $366.80 | $368.55 | $370.10 | $371.80 | $373.60 | $375.70 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$91.95 | $94.17 | $94.86 | $95.33 | $96.00 | $96.87 | $97.60 | $98.24 |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2013 – current price $1613.60
Bullish over $1615.00 with $1627.00 and $1643.00 price target
Bearish below $1606.00 with $1596.20 and $1587.00 as price target
Neutral Zone between $1606.00-$1615.00
Break point: $1615.10
- Gold needs to trade over $1615 for the whole week to target $1642.
- In case gold does not hold on to $1615 then it will fall to $1588.
COMEX SILVER MARCH 2013 – current price $3004.00
Bullish over $3004 with $3067-3132 as price target
Bearish below $2970 with $2946-$2880 as price target
Neutral Zone between: $2970-$3004
Break point: $3004.00
- Silver needs to trade over $3004 to target 3060-$3130
- There will be sellers only if silver trades below $3004 in European session.
COMEX COPPER MARCH 2013 – current price $369.40
Bullish over $373.40 with $379.30 -$385.40 as price target
Bearish below $369.90 with $366.10-$363.40 as price target
Neutral Zone between: $369.90-$373.40
Break point: $371.95
- Copper needs to trade over $371 else it will fall to $366.80 and $363
- There will be sellers only if copper trades below $371 in European session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $95.63
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
- Repeated failures to break $100 suggest that crude oil can fall to $92 first and then rise
- Watch $95.20 all the time.
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 Tuesday, 19 February 2013 | Digg This Article
| Source: GoldSeek.com
