-- Posted Tuesday, 30 July 2013 | | Disqus
· Federal reserve meeting tomorrow may not have a great impact
Gold and silver are at a crossroads and will have a big one way move anytime. It will be either $1423 or $1248 in a week’s time. Silver will have a technical break down only below $1930. The federal reserve meeting tomorrow should not have any big impact on commodities and currencies unless Ben Bernanke wants to shake them. The fall in the Japanese jobless rate to a four and half year low should be good for the Japanese economy. US economic growth should further support Japan. However part of the Japanese economic growth is attributed to a weaker currency and it remains to be seen whether the Japanese yen is able to continue its weakness against the US dollar on the back of a strong Japanese economy.
Most Chinese provinces reported first-half growth below annual targets that in some instances were already lower than last year’s goals, underscoring the breadth of the nation’s slowdown. Seventeen of 30 provinces and provincial-level cities said January-to-June expansion trailed 2013 targets, compared with 14 of 31 in last year’s first half, according to data compiled by Bloomberg News. Inner Mongolia, Jilin and Ningxia had the widest gaps, each at 3 percentage points below a 12 percent target. One province, Qinghai, has yet to release its latest figures. Our View: Just like India, Chinese economic growth slowdown will revive in a year or two. There will be healthy fundamental changes both in India and china with certain similarities. The next round of growth in India and china should start from 2015 but this time it will be slower paced (than last time) but much more sustained. After all India and china are the two most populous nations and the demographic changes occurring in these societies makes it even harder for policy makers in these nations to ensure continued rise in growth rates.
Traders are preferring to remain on the sidelines.
Trading strategy for the very large traders and high risk traders
COMEX GOLD: Buy at $1306 stop loss $1294 for $1348-$1362 – jobbers watch $1322.00
COMEX SILVER: Jobbers watch $1995
COMEX COPPER: Buy at $303 stop loss $298 for $313
NYMEX CRUDE OIL: Buy at $101.20 stop loss $100.50 for $106.20
GOLD AUGUST 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,294.90 | $1,301.90 | $1,308.90 | $1,322.00 | $1,334.00 | $1,341.30 | $1,349.80 | $1,361.20 |
SILVER SEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,893.00 | $1,922.00 | $1,954.00 | $1,969.00 | $1,994.00 | $2,017.00 | $2,032.00 | $2,061.00 |
COPPERSEPTEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$300.70 | $302.60 | $304.30 | $308.00 | $311.00 | $314.00 | $316.40 | $320.20 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$101.70 | $102.30 | $102.90 | $103.60 | $105.00 | $105.80 | $106.80 | $107.40 |
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2013 – current price $1328.30
Bullish over $1322.00 with $1336.00 and $1356.00 price target
Bearish below $1309.0 with $1301.00 and $1292.00 as price target
Neutral Zone between $1309.00-$1322
Break point: $1322.00
- Gold needs to break $1362 by Thursday else it will fall to $1306 and $1284 and then rise
- There will be sellers only below $1320
COMEX SILVER SETPEMBER 2013 – current price $1985.50
Bullish over $2005 with $2034-$2076 as price target
Bearish below $1970 with $1939-$1905 as price target
Neutral Zone between: $1970-$2005
Break point: $2004.50
- Key resistance is at $2004.50 and silver needs to trade over $2004.50 to target $2050
- There is a technical congestion between $1930-$1970 and silver needs to trade over this zone to be in somewhat bullish zone. Sell stop losses will be triggered if silver trades below $1930 anytime this week in US session.
COMEX COPPER SEPTEMBER 2013 – current price $310.30
Bullish over $311.00 with $317.20 -$324.00 as price target
Bearish below $308.00 with $304.20-$301.80 as price target
Neutral Zone between: $308.00--$311.00
Break point: $308.00
- Previously the double bottom was formed at $303 and copper needs to trade over $303 to target $311-$314
- We prefer to buy as near to $300 with a stop loss below $296
NYMEX CRUDE OIL (1ST CONTRACT) - current price $104.35
Bullish over $104.60 with $106.20 and $109.30 as price target
Bearish below $103.60 with $102.40 and $100.90 as price target
Break point: $105.70
- Crude oil needs to trade over $105.70 to target $107-$109
- There will be sellers on rise as long as crude oil does not break $106
- We prefer to buy as near to $102 with a stop loss below $100.50
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.
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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, 30 July 2013 | Digg This Article
| Source: GoldSeek.com
