-- Posted Monday, 21 October 2013 | | Disqus
COMEX FUTURES REPORT
US September nonfarm payrolls will be released on Tuesday, which will be the key. I am not looking seriously into other US economic performance. The employment rate has to come down for big gains in the US dollar. For now the Eurozone and the UK have an edge over the USA.
The chance of gold and silver forming a medium term bottom is very high. I keep my fingers crossed on the rise of gold and silver. In the past whenever I have been optimistic on bullishness of gold and silver, they have crashed most of the times.
This week is very crucial for gold and silver. They need to trade over $1290 and $2135 to set the stage for another big rally. Gold and silver demand in India will rise now and in the next week too. People are just making last minute purchases this Diwali as far as my city New Delhi is concerned. Jewelers in New Delhi and NCR (national capital region) have little doubt that gold and silver demand will vanish once the Diwali celebrations are over after the first week of November.
COMEX GOLD: Buy at $1302 stop loss $1288 for $1338-$1352 –if the stop loss of $1288 is hit then sell for $1269 and $1248 or buy over $1328 stop loss $1321 for $1342-$1356
COMEX SILVER: Buy at $2145 stop loss $2095 for $2240-$2375 or buy over $2222 stop loss $2202 for $2256-$2386
COMEX COPPER: Buy at $326 stop loss $321 for $336-$341
NYMEX CRUDE OIL: Sell on rise with a stop loss over $102.80
GOLD DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,276.80 | $1,291.60 | $1,303.60 | $1,310.50 | $1,324.60 | $1,332.10 | $1,354.40 | $1,365.80 |
SILVER DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,102.00 | $2,146.00 | $2,176.00 | $2,203.00 | $2,232.00 | $2,249.00 | $2,276.00 | $2,393.00 |
COPPER DECEMBER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$317.60 | $319.10 | $322.90 | $324.80 | $326.50 | $328.90 | $333.10 | $337.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$98.50 | $99.20 | $99.96 | $100.50 | $101.50 | $102.20 | $103.00 | $103.75 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1288.10
Bullish over $1303.00 with $1317.10 and $1323.10 price target
Bearish below $1290.00 with $1276.00 and $1233.00 as price target
Neutral Zone between $1290.00-$1303
Break point: $1329.00
- A break of $1332 will result in $1353-$1380
- On the lower side as long as gold trades over $1296-$1306 zone, downside risk will be limited
COMEX SILVER DECEMBER 2013 – current price $2211.50
Bullish over $2203.0 with $2276-$2393 as price target
Bearish below $2170 with $2145-$2095 as price target
Neutral Zone between: $2170-$2215
Break point: $2203.00-$2239.40
- Silver needs to trade over $2203 to target $2270-$2389
- We prefer a buy on sharp dips strategy as long as silver trades over $2140
COMEX COPPER SEPTEMBER 2013 – current price $329.00
Bullish over $328.00 with $336.00 -$352.00 as price target
Bearish below $323.00 with $320.40-$317.00 as price target
Neutral Zone between: $323.00--$328.00
Break point: $331.00
- Copper will break free from the $323-$337 range and form a new range
NYMEX CRUDE OIL (1ST CONTRACT) - current price $100.82
Bullish over $101.90 with $104.20 and $106.20 as price target
Bearish below $100.60 with $99.60 and $97.51 as price target
Break point: $101.54
- In the long term as long as crude oil trades over $98.50 the chances of a rise to $105.33 are very high.
- Intraday crude oil needs to trade over $100.54 to prevent a sell off to $98.50
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 Monday, 21 October 2013 | Digg This Article | Source: GoldSeek.com