-- Posted Thursday, 4 April 2013 | | Disqus
- Copper will see another wave of selling below $332
- Crude oil seems to have formed a short term top and can fall to $89.50-$87.60 in case it does not break $99.70 by month end.
The Federal Reserve could start tapering its $85 billion-a-month asset-purchase plan by the summer, said John Williams, president of the Federal Reserve Bank of San Francisco yesterday. This can result in more losses for gold and silver while base metals will be volatile despite the bearish trend.
We have the European central bank meeting today and challenger job layoffs. We need to be cautious going despite the bearish trend in all commodities. Physical demand of gold and silver in Asia will be high today. However if gold and silver fall tomorrow in US session after the US March nonfarm payrolls, demand for gold and silver will vanish till an upward direction is not started. Comex copper has a key long term support at $319 and it needs to trade over $319 for the rest of the month to prevented another wave of selling.
COMEX TECHNICAL VIEW
COMEX COPPER MAY 2013 – current price $332.70
Bullish over $336.00 with $342.00 -$347.00 as price target
Bearish below $333.20 with $327.00-$323.00 as price target
Neutral Zone between: $333.20-$336.00
Break point: $333.00
- Key long term support is at $319 and copper needs to trade over $319 for the whole of May to be in bullish zone.
- We prefer a buy on sharp dips strategy as long as copper trades over $319
MCX COPPER APRIL 2013 – prices in Indian rupee below
Key long term support is at 394 and only a daily close below 394 for four consecutive days will result in 384 and 373. We believe that these are just medium investing opportunities in copper. However in case copper falls below 391 anytime till next week a lot of long positions will get squared off on margin calls. On the higher side a daily close over 409.80 on Saturday will be very positive for the rest of the month.
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, 4 April 2013 | Digg This Article | Source: GoldSeek.com