-- Published: Thursday, 2 January 2014 | Print | Disqus
The fall in gold and silver on the last day of last year seems to be manipulation by central banks to dissuade people from investing in gold and silver. Central banks want investors to look for all forms of investment other than bullion. Medium term investors and long term investors have gotten scared and will use any sharp rise to exit their investment.
A one hundred percent retracement is over in gold and silver and further losses will be losses will be there if and only if gold falls below $1179 and silver falls below $1860 anytime this month. The fall on Tuesday night resulted in buy stop losses getting triggered due to less margin and nothing else. Key long term support is at $1140 with $1273 as the key medium term resistance. Silver can still rise to $2123 and $2300 by next week as long as it trades over $1910 on daily closing basis.
Traders will now start taking positions for next Fridays US December nonfarm payrolls. We prefer to remain on the sidelines till Monday.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1212.10
Bullish over $1205.00 with $1218.80 and $1236.90 price target
Bearish below $1196.00 with $1188.10 and $1173.00 as price target
Neutral Zone between $1196.00-$1205
Break point: $1196.00-$1205
- Key resistance is at $1218.60 and a break of $1218.60 will result in $1232-$1252
- Initial support is at $1205 and there will be sellers only below $1205 today
COMEX SILVER MARCH 2014 – current price $1983.00
Bullish over $1962.50 with $2012-$2045-$2036 as price target
Bearish below $1938 with $1910.00-$1878 as price target
Neutral Zone between: $1938-$1962.50
Break point: $1938.00-$1962.50
- Silver can rise to $2040-$2110 by tomorrow as long as it trades over $1962.50
- Silver will crash if and only if copper and gold both fall.
- There will be another wave of selling if silver trades below $1962.50.
COMEX COPPER MARCH 2014 – current price $339.70
Bullish over $336.10 with $343.00 -$348.00 as price target
Bearish below $333.40 with $330.40-$328.00 as price target
Neutral Zone between: $333.40-$336.10
Break point: $339.90
- This is the best time for copper to rise to $353 and $368 in January as long as it trades over $333 on daily closing basis.
- We prefer to remain on the sidelines till copper does not break $343 convincingly.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $98.59
Bullish over $98.70 with $100.50 and $102.20 as price target
Bearish below $97.90 with $96.70 and $95.40 as price target
Break point: $98.80 and $101.63
- Crude oil needs to trade over $98.00 to target $100.20-$102.20
- Initial support is at $98.60 and there will be sellers if crude oil trades below $98.60 to $97.30 and $96.40
NEW YEAR GREETINGS TO EVERYONE
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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-- Published: Thursday, 2 January 2014 | E-Mail | Print | Source: GoldSeek.com