-- Posted Tuesday, 14 May 2013 | | Disqus
COMEX REPORT
- Gold needs to trade over $1440 to be in bullish zone.
- Silver needs to trade over $2360 to be in bullish zone
The reserve bank of India yesterday has stopped gold imports in India. Gold importers can still buy gold from banks however the payment has to be done by cheque and gold sales have to be done by cheque. In India most of jewelers and gold importers pay by way of cash deposits to bank as most of the sales are by cash only. This will reduce gold imports but at the same time aid unauthorized channels of gold imports. Only cash gold premiums will zoom in India in a big way.
For those who have invested in gold use a trailing stop loss of $1380 for short term investment and a trailing stop loss of $1220 for long term investment. Silver investors should use a trailing stop loss of $2170 for short term investment and $1970 for long term investment.
I do not foresee India stopping gold imports having a very big impact on gold prices globally. Unless gold ETF demand starts to rise gold prices will consolidate or trade in technical. The long term bullish trend in gold is still intact as gold prices are trading over $1270. Only if the gold price falls below $1270 will be concerned over long term bullishness. In the short term it is a wait and watch game for gold.
Intraday volatility will rise.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy at $1425-$1430 stop loss $1412 for $1457-$1477 – if the stop loss of $1412 is hit then sell for $1389-$1376. Jobbers watch $1440 and trade accordingly.
COMEX SILVER: Buy at $2320-$2330 stop loss $2280 for $2425-$2475 – if the stop loss $2280 is hit then sell for $2240-$2176. Jobbers watch $2370 and trade accordingly
COMEX COPPER: Buy at $326-$327 stop loss $317 for $353 or buy over $337 stop loss $331 for $346.20-$353
NYMEX CRUDE OIL: Sell at $99.20 stop loss $100.20 for $94.40-$92.50
GOLD JUNE 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,410.10 | $1,420.40 | $1,427.80 | $1,433.10 | $1,444.70 | $1,452.80 | $1,465.10 | $1,470.00 |
SILVER JULY 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,177.00 | $2,268.00 | $2,310.00 | $2,346.00 | $2,368.00 | $2,385.00 | $2,401.00 | $2,450.00 |
COPPER JULY 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$320.30 | $323.60 | $328.30 | $331.60 | $337.60 | $343.30 | $347.80 | $351.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$92.40 | $93.30 | $93.80 | $95.05 | $96.05 | $97.00 | $97.80 | $99.21 |
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2013 – current price $1440.00
Bullish over $1442.00 with $1452.00 and $1477.00 price target
Bearish below $1422.00 with $1408.00 and $1394.00 as price target
Neutral Zone between $1422-$1442
Break point: $1445.10
- Gold needs to trade over $1440 to target $1455-$1470
- There will be another wave of selling only if gold trades below $1422 in US session.
COMEX SILVER JULY 2013 – current price $2368.00
Bullish over $2367 with $2413-2510 as price target
Bearish below $2310 with $2277-$2177 as price target
Neutral Zone between: $2310-$2367
Break point: $2367.00
- $2310 is the key support and silver still can rise to $2450-$2582 as long as it trades over $2310
- There will be another wave of selling only below $2310 to $2277 and $2177
COMEX COPPER JULY 2013 – current price $335.55
Bullish over $331.90 with $337.00 -$343.00 as price target
Bearish below $326.40 with $320.10-$311.40 as price target
Neutral Zone between: $324.40-$331.90
Break point: $337.00
- Copper needs to trade over $337.00 to target $343.00-$347.00
- There will be sellers only below $331.00
NYMEX CRUDE OIL (1ST CONTRACT) - current price $95.48
Bullish over $96.00 with $99.90 and $101.20 as price target
Bearish below $94.80 with $92.20 and $90.50 as price target
Break point: $96.04
- Its either break $101 or break down to $89.70 for crude oil in the next three weeks
- There will be sellers only below $95.26
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 Tuesday, 14 May 2013 | Digg This Article
| Source: GoldSeek.com
