·        Gold and silver are mildly bullish

·        Copper and crude oil are neutral

·        Monday is US holiday due to “Memorial day”. Electronic trade is open

Gold and silver are looking bullish and can rise to $1420+ and $2350+ as long as they trade over $1360 and $2200. There is no US economic release today and it will be a technical trade. We prefer a buy on sharp dips strategy as long as gold trades over $1350 and silver trades over $21.50. Copper and crude oil are caught between mixed US economic numbers and lower Chinese manufacturing growth.

Mixed US economic numbers implies that Federal Reserve will delay with QE withdrawal which should be bullish for gold and silver. The firmness on daily closing basis over the past two days hopefully will reduce investor bearish sentiment in gold and silver. Just remember that the number of short positions in gold and silver are at a historical high in futures market which should be a reason for gold and silver bulls.

Till end June as long as spot gold trades over $1300 we prefer to use a buy on sharp dips strategy. Selling will be there only if gold does not break $1470 by end June.

Trading strategy for the very large traders and high risk traders

COMEX GOLD: Buy at $1360-$1365 stop loss $1342 for $1408 and $1426 or Buy if gold trades over $1400 stop loss $1392 for $1412-$1426-$1452. Jobbers watch $1390 and trade accordingly

COMEX SILVER: Buy at $1900-$1030 stop loss $1865 for $2075-$2175. Jobbers watch $2240 and trade accordingly

COMEX COPPER: Sell at $340 stop loss $347 for $323-$319. Jobbers watch $331 and trade accordingly

NYMEX CRUDE OIL: Buy at $92.00 stop loss $90.50 for $96.80-$99.80

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2013 – current price $1389.0

Bullish over $1379.00 with $1402.00 and $1436.00 price target

Bearish below $1363.0 with $1346.00 and $1329.00 as price target

Neutral Zone between $1363.00-$1379

Break point: $1390.00

• Gold can rise to $1420-$1465 as long as it trades over $1363
• There will be buyers on dips as long as gold trades over $1360

COMEX SILVER JULY 2013 – current price $2289.00

Bullish over $2200 with $2295-2376 as price target

Bearish below $2160 with $2100-$1980 as price target

Neutral Zone between: $2160-$2200

Break point: $2200

• Silver can rise to $2330-$2420 as long as it trades over $2200
• There will be sellers only below $2175

COMEX COPPER JULY 2013 – current price $331.25

Bullish over $331.00 with $336.00 -$343.00 as price target

Bearish below $327.00 with $323.60-$317.10 as price target

Neutral Zone between: $337.00-$331.00

Break point: $331.00

• Copper now needs to trade over $331 to target $340-$349
• There will be sellers only below $327.00

NYMEX CRUDE OIL (1^ST CONTRACT)  - current price $94.24

Bullish over $93.80 with $97.60 and $99.80 as price target

Bearish below $92.20 with $90.80 and $89.70 as price target

Break point: $94.20

• There is a mini double bottom at $92.00 which suggest that crude oil can rise to $97.00-$99.00 as long as it trades over $92.00
• There will be a technical break down only below $92.00

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 Friday, 24 May 2013 | Digg This Article