-- Posted Wednesday, 17 July 2013 | | Disqus
· Bernanke’s testimony today will be the key.
Traders prefer to go long than short in commodities before Ben Bernanke’s testimony. This is the reason why commodities are firm. There is hope of a further confirmation that tapering will not happen in September and will begin from December. Gold and silver will fall if and only if there is direct comment by Bernanke that tapering will start from September and that delays in tapering will result in more gains.
The next event risk is the Japanese upper house elections on the weekend. I just hope to see more inflows by Japanese hedge funds into commodities and emerging markets like India once the results of the Japanese elections are known.
Key today’s closing prices to be in bullish run for the rest of the month:
Gold: $1285
Silver: $1970
Copper: $317
Crude oil: $107.20
COMEX TECHNICAL VIEW
COMEX COPPER SEPTEMBER 2013 – current price $320.05
There is a double bottom at $302 which suggests that copper can rise to $333 and $353 in the short term as long as it trades over $302. Only a daily close below $302 for five consecutive trading sessions will resume the medium term bearish direction. Base metals are still fundamentally bearish.
MCX COPPER AUGUST 2013 – prices in Indian rupees below
Copper needs to break 328-337 resistance in the short term. As long as copper does not break 328-337 zone it will trade in 302-316-337 range. We prefer a sell on rise strategy as long as copper trades below 337 for the rest of the month.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $105.70
Bullish over $105.20 with $107.30 and $110.20 as price target
Bearish below $104.00 with $102.20 and $99.50 as price target
Break point: $107.20
- Unless crude oil breaks past $112 we prefer a sell on rise strategy
- Today there will be sellers only below $105.50
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.
Trade without emotions
"Print this report only if absolutely necessary. Save Paper. Save Trees."
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
Customer care: 9311139549
You can also mail your queries at insigniacommodity@gmail.com
Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)
(10:30 am to 5:30 pm Indian time, Monday to Friday)
-- Posted Wednesday, 17 July 2013 | Digg This Article
| Source: GoldSeek.com
