-- Published: Wednesday, 2 April 2014 | Print | Disqus
COMEX FUTURES REPORT
- Gold moving averages 100 day - $1275.10, 200day $1298.80
US private ADP numbers will be the key. The next four days till Monday are very crucial for gold and silver from a technical perspective. We have the European central bank meeting and US March employment numbers among other things. The developments in Ukraine are just the calm before the whirlpool.
In the next four days gold needs to trade over $1270 to prevent another sell off. Silver will break free from the $1940-$2010 consolidation phase and form a new range in the next four days. We are against going short in silver at lower prices unless there is a fall below $1930. Copper's higher physical premium in Indian markets suggest copper traders are stocking themselves in global markets. Crude oil and energies look bearish as summer arrives in the northern hemisphere.
India will open gold imports sooner than later. The reserve bank of India yesterday in its policy meet ensured that there is a continuity of US dollar inflows. So in the event of big outflows from emerging markets, India is now better prepared. Gold imports will be opened shortly in my view. Irrespective of whether India opens gold imports or not, I see a big jump in gold jewelry demand due to cyclical factors this quarter.
Oversold conditions exist in gold and silver.
COMEX DAILY TECHNICAL ANALYSIS |
COMMODITY | BREAK POINTS | EXPECTED WIDER TRADING RANGE | TRADING STRATEGY |
METALS |
GOLD -JUNE 14 | 1275.10 | 1287.10 | 1252.60-1275.10-1302 | Sell if and only if gold trades below $1275 stop loss $1283 for $1269 and $1248 -- jobbers watch $1283 |
SILVER -- MAY 14 | 1953.50 | 2007.00 | 1928-1984-2012 | Buy on any $40-$50 dip with a stop loss below $1927 for $2045-$2076 -- jobbers watch $1980 |
COPPER --- MAY 14 | 296.80 | 304.95 | 299.80-$304.80-310.70 | Buy on dips with a stop loss below $299 |
ENERGIES |
CRUDE OIL | 99.65 | 100.80 | 97.70-100.68-102.20 | Sell on rise with a stop loss over $100.80 |
All prices above are In US dollars |
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2014 – current price $1282.80
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 will see another wave of selling below $1275 to $1258 and $1242.
- Overall trend is still bearish and but another wave of selling will be there only below $1275
GOLD JUNE 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,249.00 | $1,269.80 | $1,273.60 | $1,277.00 | $1,287.60 | $1,293.60 | $1,299.00 | $1,306.40 |
SILVER MAY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,911.00 | $1,939.00 | $1,951.00 | $1,966.00 | $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 |
$96.96 | $98.20 | $98.77 | $99.20 | $100.80 | $101.96 | $102.40 | $102.80 |
All prices are in US dollar ($) above |
COMEX SILVER MAY 2014 – current price $1978.50
Bullish over $1984.00 with $2021 and $2052 as price target
Bearish below $1960.0 with $1939-$1915 as price target
Neutral Zone between: $1960-$1984
- Failure to break $2040 by Monday, 7th April 2014 will result in a fall to $1880 and $1780
- Better to remain on the sidelines.
COMEX COPPER MAY 2014 – current price $304.20
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 299
NYMEX CRUDE OIL (1ST CONTRACT) - current price $99.74
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 can fall to $99.20 and $97.60 as long as it trades below $101.20
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: Wednesday, 2 April 2014 | E-Mail | Print | Source: GoldSeek.com
