-- Posted Wednesday, 6 November 2013 | | Disqus
COMEX FUTURES REPORT
Gold, silver and copper are in a consolidation phase while crude oil despite being bearish is still oversold. As long as gold trades over $1296 downside risk will be limited. As long as silver trades over $2120 downside risk will be limited. The European central bank meeting tomorrow and US economic data release till Friday (including US October nonfarm payrolls) will be the key. There will be another wave of rise in gold and silver if and only if there is a clear indication that tapering by the Federal reserve will be in early 2014 and not in December.
I think the market obsession with tapering is useless. They need to focus on other factors such as gold investment demand, physical gold premiums, physical gold demand in USA and Europe which I see it increasing as the year progresses and into the first quarter of 2014 and last but not the least gold option price movement. What will investors look forward to when tapering is just reduced to below $20 billion (which I believe that tapering will be below $20 billion in the first installment) and thereafter the Federal reserve sends a never before hawkish signal to the investors. Investors should invest in gold and silver with a long term perspective (twelve months to eighteen months) and avoid taking huge short term position in the futures market.
I am not advising Indians to invest in physical gold either as gold premiums are too high and when there are lot of better investment options other than gold available in India. (However I am also advising not to reduce gold share in their portfolio).
Before you invest just remember that long term support for gold is at $1055 and long term support for silver is at $1710. With every price fall, the risk to return ratio moves in favor of the long term investors. Investors of gold and silver need to remember these prices before they invest.
COMEX GOLD: Buy at $1296-$1298 stop loss $1289 for $1333
COMEX SILVER: Buy at $2060-$2070 stop loss $2030 for $2170-$2230 – if the stop loss of $2030 is hit then sell for $1999-$1931
COMEX COPPER: Buy at $323 stop loss $319 for $336-$341
NYMEX CRUDE OIL: Buy at $92-$92.30 stop loss $91.60 for $95.0
GOLD DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,285.30 | $1,292.00 | $1,298.70 | $1,306.60 | $1,319.20 | $1,326.40 | $1,333.80 | $1,353.00 |
SILVER DECEMBER 2013 TECHNICAL LEVELS |
SUPPORT | . |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,077.50 | $2,114.00 | $2,132.00 | $2,150.00 | $2,203.00 | $2,216.00 | $2,253.00 | $2,321.00 |
COPPER DECEMBER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$320.90 | $322.90 | $324.90 | $326.00 | $328.90 | $330.10 | $333.10 | $337.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$91.32 | $92.10 | $93.10 | $93.65 | $94.20 | $95.92 | $96.20 | $96.80 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1313.00
Bullish over $1313.00 with $1333.10 and $1359.10 price target
Bearish below $1302.00 with $1293.00 and $1282.50 as price target
Neutral Zone between $1302.00-$1333
Break point: $1313.20-$1298.50
- Gold needs to fall below $1296 or break $1333 for direction
- Better to remain on the sidelines
COMEX SILVER DECEMBER 2013 – current price $2168.50
Bullish over $2165.0 with $2240-$2296-$2345 as price target
Bearish below $2130 with $2105-$2080 as price target
Neutral Zone between: $2130-$2165
Break point: $2165
- There is a technical congestion between $2130-$2165 and there will be another wave of selling only below $2130
- There will be another wave of selling only below $2130 or failure to break $2344 by Friday
COMEX COPPER SEPTEMBER 2013 – current price $326.15
Bullish over $326.00 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--$326.00
Break point: $329.00
- Copper will break free from $319-$333 range and form a new range soon
- We prefer a sell on rise strategy as long as copper does not break $336
NYMEX CRUDE OIL (1ST CONTRACT) - current price $93.94
Bullish over $96.20 with $98.60 and $100.90 as price target
Bearish below $94.80 with $92.90 and $91.60 as price target
Break point: $94.80
- 200 week moving average at $91.52 is the key support and crude oil needs to trade over $91.52 to target $96.8 and more
- A daily close below $94.90 today will be bearish for crude oil for tomorrow and rest of the week.
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 Wednesday, 6 November 2013 | Digg This Article
| Source: GoldSeek.com
