-- Posted Thursday, 28 March 2013 | | Disqus
EASTER GREETINGS TO EVERYONE
- Silver needs to trade over $2830 to be in bullish zone.
- Comex copper needs to trade over $343 to be in bullish zone.
Some of the Federal Reserve officials yesterday commented that quantitative easing will not be rolled in by the near term. This has already been discounted in by the markets. No one is surprised by such comments as investors know that central bank obsession by QE is here to stay. Gold and silver are rising as people are fleeing from the euro which in turn has revived investment interest in gold. In the past ten days gold has traded over $1590 on daily closing basis and now a foundation has been laid for another big upmove. A daily close over $1611 today should result in more gains next week and in April.
The Cyprus issue dust will settle down in the next fortnight and once it settles down equity markets and base metals will rise. There are more long positions in base metals than short positions. In case copper, zinc and lead fall next week too then a lot of these buy stop losses will get triggered and another wave of selling for copper, zinc and lead. Trade will prefer to go long in safe havens before the leave for Easter which will ensure firmness in gold and the US dollar. Trade in the technical as better than expected US economic number has not had any significant impact on commodity markets.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy at $1583 stop loss $1572 for $1612-$126. Jobbers watch $1606 and trade accordingly.
COMEX SILVER: Watch $2860 and trade accordingly
COMEX COPPER: Buy around $343 stop loss $339 for $354.50-$359
COMEX TECHNICAL VIEW
COMEX SILVER MAY 2013 – current price $2864.00
Bullish over $2879 with $2969-3080 as price target
Bearish below $2830 with $2802-$2749 as price target
Neutral Zone between: $2849-$2879
Break point: $2878.00
- Silver needs to trade over $2830 to prevent another break down.
- There will be another wave of selling only if silver trades below $2830 TO $2760
COMEX COPPER MAY 2013 – current price $345.45
Bullish over $342.50 with $353.00 -$367.40 as price target
Bearish below $338.20 with $336.20-$329.80 as price target
Neutral Zone between: $338.20-$342.50
Break point: $347.00
- Copper needs to trade over $347 to target $353-$359
- Bearish trend will be there only on a fall below $342
NYMEX CRUDE OIL (1ST CONTRACT) - current price $96.67
Bullish over $95.20 with $97.60 and $99.90 as price target
Bearish below $93.90 with $92.20 and $90.90 as price target
Break point: $97.10
- $98.20 is the key resistance and a break of the same will result in $100.20-$102.20
- There will be sellers only below $95.20
HAVE A GREAT MINI WEEKEND
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, 28 March 2013 | Digg This Article
| Source: GoldSeek.com
