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By: Manan Somani, Insignia Consultants

 -- Published: Wednesday, 30 April 2014 | Print  | Disqus 

COMEX FUTURES REPORT  

·        FOMC  meet is the key.

·        Silver needs to trade over $1920 to be in bullish zone

The wider trading range in gold is $1264-$1286-$1311-$1335. These are the key price levels to watch to watch till Friday. Long term support for the month of May is at $1264 and in case gold trades over $1264 in May then the chances of re test of this year’s high of $1392.60 will be very high. Gold will rise to $1392.60 if and only if the Federal reserve directly and very clearly says that taper beyond June is not certain. The past twelve months disappointment in gold makes me extra cautious going long in the futures market. Long term investors in gold need to use a stop loss of $1120 for their gold investments. For the short term, as long as gold trades over $1260 one can be long with a higher stop loss below $1248. I am against investing in gold at the current market price of $1295.

Silver has a key long term support at $18.06 and as long as silver trades over $18.06, downside risk will be limited. On the higher side silver needs to trade over $2060 for a few days to start a short term bull rally.

In India there are huge long positions in gold and silver in the futures market (as per the information with us). In case gold and silver fall on Thursday and Friday, a lot of these long positions will be cut and losses will be booked. 

Global gold and silver prices will be affected if Indians are forced to square off their long positions (due to margin money call).  However in my view Indians will not cut/square off gold long positions as long as gold trades over $1257.  Indians will not square off long positions in silver as long as silver trades over $1806.

Needless to mention that the FOMC tonight will be the key. Any hawkish tone on interest rates and/or taper will be very bullish for gold and silver.

COMEX  DAILY TECHNICAL ANALYSIS

COMMODITY

BREAK POINTS

weekly support

weekly resistance

TRADING STRATEGY

  METALS

GOLD -JUNE  14

1286.00

1302.30

1282.40

1319.20

Watch $1296 and trade accordingly Or sell if gold trades below $1293 after 1:00 pm IST stop loss $1196 for $1288.90-$1283

SILVER -- JULY 14

1942.00

1981.00

1920.00

2018.00

Buy at $1910-$1920 stop loss $1885 for $1865-$2008 -- jobbers watch $1947

COPPER --- JULY 14

307.25

312.00

304.25

317.55

Watch $307 and trade accordingly

ENERGIES

CRUDE OIL

100.20

101.40

100.22

102.74

Sell below $100.20 stop loss $100.70 for $99.0 and $98.80

All prices above are In US dollars

 

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2014 – current price $1293.90                                                                                           

Bullish over $1296.00 with $1309.30 and $1319.20 price target

Bearish below $1286.00 with $1281.70 and $1267.10 as price target

Neutral Zone between $1286-$1296

  • Gold needs to trade over $1286 to prevent another sell off.
  • For a big rise, gold needs to break and trade over $1305
  • There will be sellers only if gold trades below $1286 either in the US session or the UK session

GOLD JUNE 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,272.60

$1,281.90

$1,285.70

$1,291.80

$1,302.10

$1,305.60

$1,309.50

$1,319.20

SILVER JULY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,885.00

$1,910.00

$1,924.00

$1,939.00

$1,958.00

$1,981.00

$2,008.00

$2,018.00

COPPER JULY 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$300.40

$303.90

$305.00

$307.25

$309.40

$310.50

$314.80

$317.80

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$98.35

$98.88

$99.54

$100.20

$101.40

$102.80

$103.20

$104.00

All prices are in US dollar ($) above

 

COMEX SILVER MAY 2014 – current price $1944.50

Bullish over $1953.00 with $1991 and $2029 as price target

Bearish below $1920.0 with $1888-$1867 as price target

Neutral Zone between: $1920-$1942

  • Silver needs to trade over $1920 today to target $1966-$2008
  • There will be a technical break down only below $1940
  • Silver will crash only if gold falls.

COMEX COPPER MAY 2014 – current price $307.45

Bullish over $309.60 with $317.55 -$323.0 as price target

Bearish below $306.00 with $303.00 and $299.00 as price target

Neutral Zone between: $306.00-$309.60

  • $307 price target achieved. There is a technical congestion.
  • There will be a technical break down if copper trades below $304 and $307
  • There will be sellers only if copper trades below $304 either in the UK session or the US session.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $100.50

Bullish over $101.10 with $102.80 and $103.90 as price target

Bearish below $100.22 with $99.60 and $98.60 as price target

  • Failure to break $103 by Friday will result in a fall to $98.50
  • There will be sellers only below $100.10 today

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

Follow us on Twitter @insigniaconsul1

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

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: Wednesday, 30 April 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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