-- Posted Monday, 30 September 2013 | | Disqus
COMEX FUTURES REPORT
Gold and silver should remain firm on the looming US shutdown. If the US government does shut down non-essential operations on Tuesday, the Labor Department said it will not issue its monthly employment report scheduled for Friday. It will be a turbulent start to the quarter. We need to wait and watch for the developments to happen. Technically gold is mildly bullish while silver needs to trade over $2080 on daily closing basis in October to be in long term bullish zone.
After the nonfarm payrolls (either this week or next week), traders will once again start to bet on a December taper and Janet Yellen to be the next Federal reserve chief.
Third quarter view
Gold: It needs to break $1520, else it will fall to $1055 and below. Key long term support is at $1055 and as long as gold trades over $1055 the chances of a rise to $1520 are very high.
Silver: It needs to trade over $1970 to be in long term bullish zone. A daily close below $1970 for four consecutive days in third quarter will result in $1550-$1600 zone. One should use fourth quarter fall in silver to invest for next year.
Gold and silver traders can also buy call options for March 2014 and June 2014.
COMEX GOLD: Buy on dips with a stop loss below $1315 or sell in case gold does not break $1362 today
COMEX SILVER: Buy at $2080-$2090 stop loss $2045 for $2245-$2425 -
COMEX COPPER: Buy at $324 stop loss $319 for $336-$341
NYMEX CRUDE OIL: Watch $101.90
GOLD DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,312.00 | $1,322.60 | $1,330.40 | $1,336.10 | $1,348.60 | $1,353.30 | $1,365.10 | $1,374.30 |
SILVER DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,081.00 | $2,107.00 | $2,140.00 | $2,165.00 | $2,207.00 | $2,233.00 | $2,287.00 | $2,356.00 |
COPPER DECEMBER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$322.20 | $324.50 | $326.50 | $328.90 | $332.30 | $336.30 | $338.60 | $340.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$98.67 | $99.50 | $100.20 | $101.27 | $102.70 | $103.80 | $104.16 | $106.00 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1340.70
Bullish over $1340.00 with $1353.10 and $1380.00 price target
Bearish below $1329.00 with $1317.00 and $1306.00 as price target
Neutral Zone between $1329.00-$1340
Break point: $1329.00-$1340
- Gold can rise to $1353-$1380 as long as it trades over $1329
- There will be sellers only below $1329 or failure to break $1360
COMEX SILVER DECEMBER 2013 – current price $2178.50
Bullish over $2165.0 with $2233-$2303 as price target
Bearish below $2081 with $2027-$1976 as price target
Neutral Zone between: $2081-$2165
Break point: $2160.00
- There is a technical congestion between $2080-$2170 and silver needs to trade over this zone to target $2320-$2420
- There will be another wave of selling only if silver trades over $2140 in US session today
COMEX COPPER SEPTEMBER 2013 – current price $331.65
Bullish over $327.00 with $341.00 -$351.00 as price target
Bearish below $323.00 with $317.00-$311.00 as price target
Neutral Zone between: $323.10--$327.00
Break point: $327.00
- Copper will break free from $315-$340 range in the next two weeks and form a new range. We prefer to remain on the sidelines.
- There will be buyers on dips as long as copper trades over $317-$324 zone
NYMEX CRUDE OIL (1ST CONTRACT) - current price $101.65
Bullish over $103.10 with $105.60 and $109.10 as price target
Bearish below $101.90 with $100.60 and $97.51 as price target
Break point: $101.90
- Crude oil can fall to $97.51 if it trades below $101.90 in US session. (100 day MA is at $101.90)
- Only a break of $103.60 will resume the uptrend.
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 Monday, 30 September 2013 | Digg This Article
| Source: GoldSeek.com
