-- Published: Friday, 11 April 2014 | Print | Disqus
COMEX FUTURES REPORT
There are huge short positions in crude oil and natural gas. Sell stop losses will be triggered if energies continue to rise next week. Crude oil prices have been rigged on the higher side as Easter travel will result in higher demand. Crude oil should fall once Easter vacations are over.
As long as the US dollar weakens, gold and silver will trade firm. A daily close over $1311 today will be bullish for next week. A daily close over $2008 will be bullish for silver for next week. Traders will now start taking positions for Easter vacations which begins from next week.
TECHNICAL VIEW
MCX GOLD JUNE - prices in Indian rupee below
Gold can rise to 28946 and 29141 as long as it trades over 28660. There will be sellers if and only if gold trades below 28660 either in UK session or US session. MCX will open on Monday at 5:00 pm.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $103.25
Bullish over $102.20 with $103.80 and $105.60 as price target
Bearish below $101.40 with $100.80 and $100.20 as price target
- I will prefer to use a sell rise strategy as long as crude oil does not break $106. However remember that momentum is very bullish for crude oil and natural gas
- A consolidated break of $103.87 will pave the way for $105-$106.50
- There are huge short positions in crude oil and in case crude oil breaks past $106 by next week, then some of these short positions will get cut and we could see another short term bull run.
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
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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: Friday, 11 April 2014 | E-Mail | Print | Source: GoldSeek.com
