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By: Manan Somani, Insignia Consultants

 -- Published: Friday, 14 February 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

  • Technically gold, silver, copper and crude oil are all bullish.
  • Monday US markets are closed. Electronic trade is open.

Bad retail sales numbers along with further snowy weather in the USA implies that the Federal reserve may not taper next month. This resulted in gains for gold and silver. Sell stop losses were triggered on a break of $1300 and $2056 for gold and silver. A daily close over $1311 today will be hyper bullish for gold for next week.

Today gold needs to trade over $1297 for $1311-$1339. Silver needs to trade over $2058 for $2121 and $2200

Better to remain on the sidelines

TODAY

COMEX GOLD: Buy around $1298 stop loss $1289 for $1311-$1339

COMEX SILVER: Watch $2078 and trade accordingly

COMEX COPPER: Buy around $323 stop loss $319 for $331-$336

NYMEX CRUDE OIL: Sell at $102.47 stop loss $103.30 for $98.90-$97.10 -- jobbers watch $100.40

GOLD APRIL 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,279.90

$1,287.40

$1,297.40

$1,303.30

$1,313.30

$1,319.10

$1,330.10

$1,354.70

SILVER MARCH 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,976.00

$2,008.00

$2,031.00

$2,056.00

$2,078.00

$2,097.00

$2,130.00

$2,201.00

COPPER MARCH 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$318.90

$321.10

$322.40

$323.70

$325.30

$327.40

$329.10

$331.10

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$96.95

$98.20

$98.70

$99.30

$100.80

$101.40

$102.30

$103.30

 

COMEX TECHNICAL VIEW

COMEX GOLD MARCH 2014 – current price $1304.60

Bullish over $1292.00 with $1311 and $1330.10 price target

Bearish below $1282.00 with $1272.10 and $1259.00 as price target

Neutral Zone between $1282.00-$1292

Break point: $1282.00-$1292

  • Head and shoulder formation on the charts which suggests that gold can rise to $1358.70 and $1484.30 if it is able to break and trade over $1314.
  • There will be sellers only if gold trades below $1292 either in UK session or US session.

COMEX SILVER MARCH 2014 – current price $2074.00

Bullish over $2069 with $2121 and $2176 as price target

Bearish below $2039 with $2008.00-$1964 as price target

Neutral Zone between: $2039-$2069

Break point: $2069.40 and $2078

  • Silver needs to trade over $2069 today to target $2121-$2201
  • Silver will crash if and only if copper and gold both fall.
  • There will be buyers on dips as long as silver trades over $2010 today

COMEX COPPER MARCH 2014 – current price $325.10

Bullish over $322.00 with $328.00-$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: $326.10

  • Copper needs to trade over $322 today to target $331-$336
  • There will be buyers on dips as long as copper trades over $319

NYMEX CRUDE OIL (1ST CONTRACT) - current price $100.40

Bullish over $99.10 with $101.87 and $103.18 as price target

Bearish below $98.40 with $97.40 and $96.10 as price target

Break point: $100.40

  • Crude oil needs to break $104 by end February, else it will fall to $96.40 and $92.20
  • Sell stop losses will be triggered over $101.90 and a break of $101.90 will result in $103.20-$105.10

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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 -- Published: Friday, 14 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
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