-- Published: Friday, 7 February 2014 | Print | Disqus
The European central bank meeting was a dud yesterday. Now the focus shifts to US January nonfarm payrolls. Traders will be looking forward to the bad weather effects. It is better not to react to the headline numbers. One should rather wait and then make a trade after the release of January nonfarm payrolls. Technically gold is looking bullish but needs to trade over $1253 today to target $1282-$1296. Silver can rise to $2074-$2134 as long as it trades over $1960. As long as copper prices remain firm, silver will not fall by much.
The fall in the Chinese January HSBC PMI service numbers to a two and a half year low is cyclical to me and will rise as the year progresses. Chinese base metal demand will return from next week which should lift base metal prices.
COMEX TECHNICAL VIEW
COMEX GOLD MARCH 2014 – current price $1260.10
Bullish over $1247.00 with $1273.40 and $1296.00 price target
Bearish below $1236.00 with $1226.80 and $1214.30 as price target
Neutral Zone between $1236.00-$1247
Break point: $1255.30
- Gold needs to trade over $1247 to target $1269 and $1282.
- There will be sellers only if gold trades below $1247 either in the UK session or the US session
COMEX SILVER MARCH 2014 – current price $1983.00
Bullish over $1964.00 with $2028 and $2076 as price target
Bearish below $1948 with $1912.00-$1890.0 as price target
Neutral Zone between: $1940-$1964.00
Break point: $1948-$1964
- Silver needs to trade over $1970 today to target $2028-$2056
- Silver will crash if and only if copper and gold both fall.
- There will be buyers on dips as long as silver trades over $1940
COMEX COPPER MARCH 2014 – current price $324.15
Bullish over $322.00 with $326.00 -$331.00 as price target
Bearish below $319.00 with $316.10-$312.90 as price target
Neutral Zone between: $319.00-$322.00
Break point: $317.60-$322.10
- We believe that a short term bottom has been formed in copper and that it should rise to $331-$336 as long as it trades over $318
- There will be buyers on dips as long as copper trades over $318
NYMEX CRUDE OIL (1ST CONTRACT) - current price $97.68
Bullish over $96.20 with $99.10 and $100.80 as price target
Bearish below $95.40 with $93.90 and $92.20 as price target
Break point: $95.40 and $96.20
- In case crude oil does not break $100.40 by next week then it will fall $96.10 and $91.90
- There will be sellers on rise as long as crude oil does not break $98.90
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
UK session starts around 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 7pm pm Indian Standard Time (+5:30 GMT)
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: Friday, 7 February 2014 | E-Mail | Print | Source: GoldSeek.com