-- Posted Thursday, 28 November 2013 | | Disqus
COMEX FUTURES REPORT – “HAPPY THANKSGIVING”
Gold and silver are looking bearish at the moment and have room to fall further. The rise in bitcoin prices over $1000 is luring more and more new investors to look at bitcoin as an investment. I think 2013 could mark the beginning of a new currency which is not controlled by central banks. Different forms of electronic money will be here to stay. They will not vanish. Humans are now waging a war against machines. Machines control everything. Be it the algorithmic trading software or the drones and pilotless aircrafts or a bowling machine in cricket or you think about anything and there is a machine for everything. Soon humans could be cloned through a machine. The future for us will be a big fight against machines. You might have seen a lot Hollywood movies where there was a war between man and machines. This is a reality. In order to survive don’t we try and beat machines in our daily lives. Those are able to beat the machines are winners and those who are not able to beat the machines are the losers. (I just hope that some say there can be a technology where we can clone large trees and increase the ever declining green cover on earth).
A daily close below $1225 tomorrow will be bearish for gold in December. A daily close below $1970 for silver tomorrow will be bearish for December. We need to face the stark reality. There were days when the banking system was totally absent in the world. The evolution of the banking system has changed the world. Now we will see the electronic banking system which is changing our lives and will bring even more changes in our lives. The age old traditional banking system is nearing its death. As a teenager in India in the late eighties I used to stand in a very long que of banks to deposit cash as well as to withdraw cash. The epayment gateway of most banks and the ATM have done away with me standing in long ques. The global financial system is evolving and changing and this will continue. We just need to be flexible to adapt to the change.
Failure of spot gold to break $1261 by next Friday (6th December) will result in a fall to $1186 and $1141. Spot silver needs to trade over $19.30 for the whole of December to be in long term bullish zone.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2013 – current price $1239.30
Bullish over $1232.00 with $1261.40 and $1286.00 price target
Bearish below $1224.00 with $1212.00 and $1198.00 as price target
Neutral Zone between $1224.00-$1232
Break point: $1232.00-$1255.00
- Gold needs to trade over $1242 today to target $1252-$1271
- There will be sellers only below $1235 with $1225 and $1209 as the key intraday supports
COMEX SILVER DECEMBER 2013 – current price $1961.00
Bullish over $1970.0 with $2055-$2125 as price target
Bearish below $1936 with $1918-$1986 as price target
Neutral Zone between: $1936-$1970
Break point: $1955-$1989.4-$2019
- Silver needs to trade over $1986 today to target $2020-$2056
- There will be sellers only below $1957
COMEX COPPER SEPTEMBER 2013 – current price $322.10
Bullish over $318.60 with $324.00 -$331.00 as price target
Bearish below $315.20 with $311.10-$309.60 as price target
Neutral Zone between: $315.20--$318.60
Break point: $321.20
- Copper seems to have formed a short term bottom and can rise to $330-$336 as long as it trades over $317
- We prefer a buy on dips strategy with a stop loss below $314
NYMEX CRUDE OIL (1ST CONTRACT) - current price $92.20
Bullish over $94.10 with $96.30 and $98.90 as price target
Bearish below $93.20 with $91.80 and $90.50 as price target
Break point: $91.70
- Looks bearish and should fall below $88.40 over the coming weeks. However I am not giving an aggressive sell call as I expect huge gasoline consumption in USA over the Thanksgiving weekend.
- A daily close below $93.40 tomorrow will result in further selling to $88.10
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 Thursday, 28 November 2013 | Digg This Article
| Source: GoldSeek.com
