-- Posted Friday, 5 July 2013 | | Disqus
- Today’s technical close will set the direction for the rest of the month in all commodities and currency markets.
- US June nonfarm payrolls is the key
Gold and silver are in a neutral zone. Low risk traders please close all intraday positions by 5:30 pm IST and take a fresh positions after 6:15 pm IST. There are still huge short positions and a below expected number can result in massive short covering.
European Central bank meet: Risk remains to the downside, rates won’t rise for an extended period, policy stance to remain accommodative as needed.
Bank of England meet: Will not be raising interest rate anytime soon, recovery is on track but it “remains weak by historical standards and a degree of slack is expected to persist for some time.”
Effect: Gains for the US dollar, bearish for gold and silver (subject to nonfarm payrolls). Investment flows will continue to move into USA on better growth prospects than Eurozone and UK. It will be difficult for bullion to gain unless today’s nonfarm payrolls are way below expectation.
The Indian media is rife with speculation that there can be a general election as early as December 2013. This will prevent foreign investors from investing in India and is another reason for continued pressure on the rupee to appreciate.
GOLD AUGUST 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,208.00 | $1,225.00 | $1,235.00 | $1,240.00 | $1,249.10 | $1,259.80 | $1,270.00 | $1,284.00 |
SILVER SEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,776.00 | $1,812.00 | $1,843.00 | $1,920.00 | $1,935.00 | $1,956.00 | $1,983.00 | $2,034.00 |
COPPERSEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$298.20 | $304.30 | $308.00 | $311.00 | $314.70 | $317.80 | $322.00 | $327.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$97.60 | $98.25 | $99.80 | $100.70 | $102.60 | $104.75 | $108.13 | $111.14 |
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2013 – current price $1243.30
Bullish over $1235.00 with $1262.00 and $1284.00 price target
Bearish below $1210.0 with $1183.00 and $1176.00 as price target
Neutral Zone between $1210.00-$1235
Break point: $1235.00
- Gold needs to trade over $1235 to be in bullish zone and target $1262
- Selling will be there (A) below $1235 (B) gold does not break $1272-$1286 today
COMEX SILVER SETPEMBER 2013 – current price $1928.00
Bullish over $1920 with $2034-$2160 as price target
Bearish below $1890 with $1845-$1805 as price target
Neutral Zone between: $1890-$1920
Break point: $1935.00
- Silver needs to break $2034 by Monday else the chances of a fall to $1775 are high.
- Intraday silver needs to trade over $1920 for further gains. There will be sellers only below $1920.0
COMEX COPPER SEPTEMBER 2013 – current price $312.50
Bullish over $311.00 with $319.00 -$323.00 as price target
Bearish below $307.00 with $302-$296 as price target
Neutral Zone between: $307--$311.00
Break point: $311.00
- We prefer a sell on rise strategy till copper does not break $323
- Intraday there will be sellers only below $311.00
NYMEX CRUDE OIL (1ST CONTRACT) - current price $101.07
Bullish over $100.29 with $104.75 and $108.10 as price target
Bearish below $98.25 with $96.80 and $94.60 as price target
Break point: $101.90
- We are against buying in crude oil till $105 is not breached convincingly.
- Key support is at $98.25
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, 5 July 2013 | Digg This Article
| Source: GoldSeek.com
