-- Published: Monday, 20 January 2014 | Print | Disqus
US markets are closed today. There are no major US economic data releases till Friday. It will be a technical trade till Friday for commodity markets and forex markets. This also means that gold and silver should continue their bullish journey. Copper and crude oil will find buyers on dips.
If gold and silver rise this week then there will be more short covering and laggards who did not invest will think about investing for the short term. Physical buyers who had been postponing their purchases on expectation of more price fall will start to buy more. All in all, the conditions are ripe for more fall in gold and silver. I just hope that I am not wrong this time.
Chinese GDP growth slowed in the October to December quarter to 7.70%. We expect the Chinese economy to expand at a higher pace in January to March quarter. There is nothing to worry as far as the Chinese economy.
Weekly view
Gold: Gold needs to trade over $1253.90 to target $1273.20-$1306.780 Key weekly support is at $1241.80.
Silver: Silver can rise to $2098-$2134-$2249 as long as it trades over $1962.40. key weekly support is at $1999.
Copper: As long as copper does not break $344 it will continue to trade in $327-$336-$344 wider range.
Crude oil: The chances of a rise to $97.60-$100.90 are very high as long as crude oil trades over $92.20 on daily closing basis.
TODAY
COMEX GOLD: Buy on any $15-$20 dip with a stop loss below $1215 -- jobbers watch $1242
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 $93.10 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 |
$1,241.80 | $1,244.40 | $1,247.00 | $1,253.60 | $1,257.00 | $1,262.80 | $1,273.30 | $1,294.70 |
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 | $2,048.00 | $2,062.20 | $2,088.00 | $2,114.00 |
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 | $93.60 | $94.33 | $94.72 | $95.30 | $97.00 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2014 – current price $1255.90
Bullish over $1242.00 with $1269.10 and $1293.20 price target
Bearish below $1236.00 with $1224.10 and $1212.10 as price target
Neutral Zone between $1236.00-$1242
Break point: $1253.60-$1269
- Gold can rise to $1292 and $1326 in short term as long as it trades over $1237.
- There will buyers on dips as long as gold trades over $1236 today
COMEX SILVER MARCH 2014 – current price $2032.50
Bullish over $2008.00 with $2089.00-$2144 as price target
Bearish below $1989 with $1972.00-$1939.0 as price target
Neutral Zone between: $1989-$2008.00
Break point: $2028.75-$2068
- Silver needs to trade over $2028 to target $2068-$2134
- Silver will crash if and only if copper and gold both fall.
- There will be buyers on dips as long as silver trades over $1990
COMEX COPPER MARCH 2014 – current price $335.35
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 $331 to prevent a sell off.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $93.71
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
- Crude oil needs to trade over $93.70 to target $95.00-$97.20
- There will be sellers only below $93.20
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: Monday, 20 January 2014 | E-Mail | Print | Source: GoldSeek.com
