-- Posted Thursday, 18 July 2013 | | Disqus
COMEX REPORT
- US housing starts fall in June
- Bernanke: (i) US economy remains vulnerable to shocks (ii) Debt ceiling fight could hamper growth (iii) US housing sector to recover despite higher interest rates (iv) Fed aware of low interest rates (v) Job situation far from satisfactory (vi) Volcker rule may be in place by year end (vii) Tapering not on “preset” path (viii) Flexible on bond buying
Gold and silver fell after failure to break past $1303 and $2034. The markets interpreted Federal Reserve chairman’s testimony as an early exit from the $80 billion a month bond buying program. There is an opinion that a floor has been formed on US economic growth and even a mild slowdown in the US economy will not alter the long term growth prospects.
In case gold does not break $1303 by Monday then the chances of a fall to $1210 and $1155 are very high. Silver is back to square one as it need to trade over $1870 for the rest of the month to be in bullish zone. Copper is consolidating in a $300-$313-$324 wider range.
Crude oil is on the verge of a major break out. It will be either $112 or $99 by next Friday.
Key US economic numbers this week
The July Philadelphia Fed survey of manufacturers is due on Thursday.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Sell on rise with a stop loss $1303. Jobbers watch $1268
COMEX SILVER: Jobbers watch $1930
COMEX COPPER: Buy at $304-$306 stop loss $299 for $313-$319
NYMEX CRUDE OIL: Sell on rise with a stop loss over $112 till next week and a price target of $99.00
GOLD AUGUST 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,236.00 | $1,249.90 | $1,262.00 | $1,273.00 | $1,286.30 | $1,297.30 | $1,303.70 | $1,311.40 |
SILVER SEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,832.00 | $1,875.00 | $1,901.00 | $1,915.00 | $1,937.00 | $1,956.00 | $1,976.00 | $2,034.00 |
COPPERSEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$307.60 | $310.30 | $311.90 | $312.60 | $317.10 | $320.70 | $322.90 | $326.80 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$100.50 | $103.10 | $104.30 | $105.40 | $106.20 | $106.90 | $107.30 | $109.30 |
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2013 – current price $1274.30
Bullish over $1284.00 with $1301.00 and $1317.00 price target
Bearish below $1273.0 with $1259.00 and $1236.00 as price target
Neutral Zone between $1273.00-$1284
Break point: $1269.00
- There will be sellers only if gold trades below $1268 to $1254 and $1220
- Only a break of $1303 will resume the bullish direction.
COMEX SILVER SETPEMBER 2013 – current price $1932.00
Bullish over $1970 with $2034-$2216 as price target
Bearish below $1948 with $1915-$1875 as price target
Neutral Zone between: $1948-$1970
Break point: $1930.00
- Silver needs to trade over $1930 else it will fall to $1898 and $1848.
- Only a break of $1960 will resume the intra day uptrend.
COMEX COPPER SEPTEMBER 2013 – current price $313.80
Bullish over $316.00 with $319.20 -$324.00 as price target
Bearish below $311.00 with $307.80-$301.80 as price target
Neutral Zone between: $311.00--$316.00
Break point: $313.00
- Copper needs to trade over $313 to target $316-$323
- There will be sellers only below $313 to $309-$306
NYMEX CRUDE OIL (1ST CONTRACT) - current price $106.20
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
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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, 18 July 2013 | Digg This Article
| Source: GoldSeek.com
