-- Published: Monday, 31 March 2014 | Print | Disqus
COMEX FUTURES REPORT
- Gold moving averages 100 day - $1275.10, 200day $1298.80
- Silver 100 day MA $2033.70
- Silver has a technical congestion between $2049 and $2064 and only a break of this zone will result in further gains.
A quarter is about to begin. US March nonfarm payrolls will be the key apart from central bank meetings of India, the Eurozone and the UK in the next two weeks. Silver will track copper. Technically copper seems to have formed a short term bottom and should rise.
Oversold conditions exist in gold and silver.
COMEX DAILY TECHNICAL ANALYSIS |
COMMODITY | BREAK POINTS | EXPECTED WIDER TRADING RANGE | TRADING STRATEGY |
METALS |
GOLD -APRIL 14 | 1283.00 | 1299.00 | 1278-1299-1319 | Buy on any $15-$20 dip with a stop loss below $1276 - jobbers watch $1299 |
SILVER -- MAY 14 | 1953.50 | 2007.00 | 1940-1990-2030 | Buy around $1946 stop loss $1920 for $2008-$2036 -- jobbers watch $1980 |
COPPER --- MAY 14 | 296.80 | 304.95 | 290.80-310.70 | Buy on dips with a stop loss below $299 |
ENERGIES |
CRUDE OIL | 100.60 | 101.96 | 97.70-100.68-102.20 | Watch $101.40 and trade accordingly |
All prices above are In US dollars |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2014 – current price $1296.60
Bullish over $1283.00 with $1311 and $1326.00 price target
Bearish below $1272.00 with $1256 and $1242.20 as price target
Neutral Zone between $1272-$1283
- Gold can rise to $1311 and $1321 as long as it trades over $1288
- Overall the trend is still bearish and but another wave of selling will be there only below $1288
GOLD APRIL 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,277.00 | $1,283.80 | $1,287.60 | $1,293.60 | $1,299.00 | $1,306.30 | $1,311.00 | $1,319.00 |
SILVER MAY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,919.00 | $1,946.00 | $1,953.00 | $1,969.00 | $1,990.00 | $2,008.00 | $2,022.00 | $2,049.00 |
COPPER MAY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$297.30 | $299.30 | $300.90 | $302.80 | $304.90 | $307.00 | $309.90 | $316.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$98.60 | $99.10 | $99.56 | $100.80 | $101.96 | $102.40 | $102.80 | $104.30 |
All prices are in US dollar ($) above |
COMEX SILVER MAY 2014 – current price $1979.00
Bullish over $1955.00 with $2021 and $2052 as price target
Bearish below $1939.0 with $1915-$1895 as price target
Neutral Zone between: $1939-$1955
- Silver needs to trade over $1946 this week to target $2045-$2100
- Better to remain on the sidelines.
- We prefer a buy on dips strategy as long as silver trades over $1880.
COMEX COPPER MAY 2014 – current price $303.35
Bullish over $297.00 with $307.10 -$312.10 as price target
Bearish below $294.00 with $291.00 and $288.00 as price target
Neutral Zone between: $294.00-$297.00
- Copper can rise to 309-316 as long as it trades over 299
- There will be buyers on dips as long as copper trades over 295
NYMEX CRUDE OIL (1ST CONTRACT) - current price $101.45
Bullish over $100.20 with $102.20 and $104.80 as price target
Bearish below $99.4 with $98.40 and $97.10 as price target
- Crude oil needs to break $106.00 in the next two weeks. In case crude oil does not break $106.00 in the next two weeks, then it will fall to $97.60 and $92.20
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
UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm 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: Monday, 31 March 2014 | E-Mail | Print | Source: GoldSeek.com
