-- Published: Thursday, 16 January 2014 | Print | Disqus
COMEX FUTURES REPORT
Gold and silver will break free from the recent consolidation phase of $1220/$1260 and $1950/$2080 range and form a new range. Higher crude oil prices should prevent big crashes in gold and silver prices for now. Economic data releases from across the globe has not had a big impact on gold and silver. The world knows that Chinese are buyers in gold at lower prices before their New Year. I personally do not think that traders will allow Chinese to buy gold at lower prices. Strong Chinese gold demand is a must for any big ticket rise in gold prices.
Base metals should firm as better global economic prospects and Indonesia banning Nickel exports last week.
TODAY
COMEX GOLD: Sell around $1254 stop loss $1272 for $1224-$1206 – if the stop loss $1272 is hit then buy for $1292-$1326 – jobbers watch $1254
COMEX SILVER: Watch $2008 -- Buy if and only if silver trades over $2022 stop loss $2045 for $2054-$2086
COMEX COPPER: Buy around $332 stop loss $326 for $343-$348
NYMEX CRUDE OIL: Buy at $93.20 stop loss $92.60 for 95.20-$95.20 or buy over $94.70 stop loss $94.10 for $95.80-$97.20 -- whichever comes first.
GOLD FEBRUARY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,221.90 | $1,230.55 | $1,324.60 | $1,239.60 | $1,242.90 | $1,247.20 | $1,254.30 | $1,260.60 |
SILVER MARCH 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,934.30 | $1,969.00 | $1,983.00 | $2,008.00 | $2,039.50 | $2,062.20 | $2,074.50 | $2,110.00 |
COPPER MARCH 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$329.60 | $331.10 | $331.90 | $334.10 | $336.60 | $338.10 | $339.80 | $343.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$92.11 | $92.76 | $93.30 | $93.71 | $94.33 | $94.72 | $95.30 | $97.00 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1239.80
Bullish over $1247.00 with $1260.10 and $1283.30 price target
Bearish below $1239.00 with $1228.60 and $1216.00 as price target
Neutral Zone between $1239.00-$1247
Break point: $1239.00-$1247.00
- Gold needs to break $1256 today, else it will fall back to $1222 and $1206
- There will be sellers only if gold trades below $1239 in UK session after 2:30 pm Indian time (+5:30 GMT)
COMEX SILVER MARCH 2014 – current price $2016.00
Bullish over $2032.00 with $2059.00-$2126 as price target
Bearish below $2008 with $1989.00-$1956.0 as price target
Neutral Zone between: $2008-$2032.00
Break point: $2008.00
- Silver needs to trade over $2008 to target $2035-$2056
- Silver will crash if and only if copper and gold both fall.
- There will be sellers if silver trades below $2008 in UK session after 2:30 pm Indian time (+5:30 GMT)
COMEX COPPER MARCH 2014 – current price $336.05
Bullish over $333.10 with $339.00 -$343.00 as price target
Bearish below $330.50 with $327.00-$325.00 as price target
Neutral Zone between: $330.50-$333.10
Break point: $336.10
- This the best chance for copper to break past $343 for $348-$354
- Today copper needs to trade over $336 to prevent a sell off.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $94.18
Bullish over $93.70 with $95.20 and $97.70 as price target
Bearish below $92.50 with $91.70 and $90.80 as price target
Break point: $92.50 and $93.70
- A break of $94.70 will trigger another wave of rise to $96.00-$97.00
- A daily close over $94.70 today and tomorrow will be bullish for next 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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-- Published: Thursday, 16 January 2014 | E-Mail | Print | Source: GoldSeek.com
