-- Posted Monday, 11 March 2013 | | Disqus
COMEX REPORT
US DATA RELEASES WILL START AT 6:00 PM IST FROM TODAY. COMEX GOLD, SILVER AND COPPER SETTELMENT PRICES TO COME AT 11:00 PM IST.
- Gold can rise to $1605-$1625 this week as long as it trades over $1657
- Silver can rise to $3060-$3170 this week as long as it trades over $2785
There are no major economic numbers today and tomorrow. On Wednesday we have the US February retail sales followed by Thursday’s current account which will set the trend till the Federal Reserve meeting next week. These two numbers are the key. A fall in US retail sales along with a rise in US current account deficit can result in gold rising to $1625 and $1655 by next week and restart the bullish direction. Even despite the increase in US nonfarm payrolls numbers gold did not fall below $1545 which itself is a very positive sign for bulls. Silver will rise in a parabolic way only if copper prices start to rise. I am bullish on copper as there is huge copper demand between $6700-$7300 LME. The downside risk in copper prices will be limited from here.
Unless gold falls below $1555 and silver falls below $2780 we are against going short. As long as comex copper trades over $337 we prefer to be long. Crude oil has a key long term support at $88 and as long as it trades over $88 downside risk will be limited.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy at $1560 stop loss $1547 for $1596-$1617. Jobbers buy gold only over $1580 stop loss $1574 for $1586-$1602
COMEX SILVER: Watch $2908 and Buy silver only if trades over $2908 after 2:30 pm IST for $2935-$2995 stop loss $2879
COMEX COPPER: Buy around $349 stop loss $343 for $359-$367
NYMEX CRUDE OIL: Buy at $90.00-$90.20 stop loss $88.90 for $92.20-$94.60
GOLD APRIL 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,544.00 | $1,551.00 | $1,559.20 | $1,573.20 | $1,587.60 | $1,600.20 | $1,614.80 | $1,630.30 |
SILVER MAY 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,827.00 | $2,849.00 | $2,862.00 | $2,905.00 | $2,837.00 | $2,979.00 | $3,013.00 | $3,080.00 |
COPPER MAY 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$339.80 | $343.00 | $346.30 | $350.70 | $353.30 | $358.30 | $362.30 | $369.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$88.85 | $89.75 | $90.30 | $91.14 | $92.20 | $93.15 | $94.20 | $96.05 |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2013 – current price $1580.10
Bullish over $1573.50 with $1598.20 and $1609.00 price target
Bearish below $1567.00 with $1559.90 and $1544.10 as price target
Neutral Zone between $1567.00-$1573.50
Break point: $1580.40
- Gold can rise to $1591-$1604 today if it is able to trade over $1569
- There will be sellers only below $1569
COMEX SILVER MAY 2013 – current price $2904.00
Bullish over $2879 with $2969-3080 as price target
Bearish below $2849 with $2802-$2769 as price target
Neutral Zone between: $2849-$2879
Break point: $2912.00
- Silver needs to break $2990 by Wednesday to target $3220. On the lower side as long as silver trades over $2849 downside risk will be limited.
COMEX COPPER MAY 2013 – current price $351.45
Bullish over $346.40 with $357.30 -$363.40 as price target
Bearish below $343.30 with $339.00-$333.30 as price target
Neutral Zone between: $343.30-$346.40
Break point: $349.00
- Copper needs to trade over $352 to target $349-363
- We prefer a buy on dips strategy as long as copper trades over $339 for the rest of March.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $91.70
Bullish over $90.30 with $92.30 and $96.10 as price target
Bearish below $88.80 with $87.10 and $85.40 as price target
Break point: $90.50
- $90.50 is the key long term support while $88.85 is the key short term support. As long as crude oil trades over $88.85-$90.50 zone the chances of $97-$99 are higher
- There will be another wave of selling if crude oil trades below $88.85 in US session.
- Buy on dips with a stop loss below $88.50
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 Monday, 11 March 2013 | Digg This Article
| Source: GoldSeek.com
