-- Published: Monday, 5 May 2014 | Print | Disqus
COMEX FUTURES REPORT
- Gold: Two successive weeks of close over $1300 is a very positive sign
- Silver: Triple bottom around $1866
- Crude oil: Triple bottom around $98.30
Got foxed by the gold's rise after the release of US April nonfarm on April. Our trailing stop losses were triggered at $1287 and thereafter clients were advised to go long in gold on a break $1292. Our clients made for the intraday losses nonetheless it was a bad judgment. Silver trader made profit as they were advised to go long on a break $1920. (No short call was given in silver after the release of NFP on April).
Ukraine tensions have escalated in a big way over the weekend. No one knows the ground reality in Ukraine (just like Iraq, Egypt, Afghanistan, Libya, Syria among other nations where USA has created war). It seems there has been a huge under reporting of the number of civilian deaths in Ukraine. US president is a puppet which knows just one word sanctions and keeps on repeating to anyone who tickles him. US president is a joke to global peace (punn intended).
Ukraine in the long term will change global political equations where trade sanctions will no longer be a dreaded word. Gold will rise as a result of Ukraine. This is the best chance for gold to rise to $1430. In case gold does not rise to at least $1430 (in the next sixty days), then it will forced to write its obituary.
Gold will fall if and only if Ukraine moves to the backside and US economic data releases dictate markets.
COMEX DAILY TECHNICAL ANALYSIS |
COMMODITY | BREAK POINTS | weekly support | weekly resistance | TRADING STRATEGY |
METALS |
GOLD -JUNE 14 | 1296.00 | 1377.00 | 1286.00 | 1326.00 | Buy over $1311 stop loss $1307 for $1319-$1326-$1335 |
SILVER -- JULY 14 | 1922.00 | 1986.00 | 1901.00 | 2042.00 | Buy over $1960 stop loss $1948 for $1976-$1996-$2018 |
COPPER --- JULY 14 | 303.00 | 310.45 | 303.00 | 313.40 | Buy on any $5-$7 dip with a stop loss below $299 |
ENERGIES |
CRUDE OIL | 99.20 | 101.90 | 98.80 | 102.74 | Buy over $100.10 stop loss $99.60 for $100.90-$101.47 |
All prices above are In US dollars |
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2014 – current price $1307.90
Bullish over $1296.00 with $1320.20 and $1336.00 price target
Bearish below $1287.00 with $1277.00 and $1267.00 as price target
Neutral Zone between $1287-$1296
- Gold can rise to $1311.70 and $1326 as long as it trade over $1296
- There will be sellers only if gold trades below $1299 either in UK session or US session
- Remain on the sidelines
GOLD JUNE 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,277.00 | $1,287.00 | $1,294.00 | $1,302.00 | $1,311.00 | $1,316.00 | $1,320.20 | $1,336.55 |
SILVER JULY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,901.00 | $1,922.00 | $1,934.00 | $1,947.00 | $1,979.00 | $1,995.00 | $2,015.00 | $2,061.00 |
COPPER JULY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$300.80 | $303.00 | $305.50 | $307.00 | $308.70 | $310.20 | $313.80 | $317.90 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$98.01 | $98.63 | $99.10 | $99.53 | $100.45 | $101.50 | $101.90 | $102.90 |
All prices are in US dollar ($) above |
COMEX SILVER JULY 2014 – current price $1958.00
Bullish over $1922 with $1987 and $2040 as price target
Bearish below $1901.0 with $1878-$1849 as price target
Neutral Zone between: $1901-$1922
- Silver can rise to $1980 and $2040 as long as it trades over $1922
- Silver will crash only if gold and copper both fall.
- Today there will be sellers only if silver trades below $1922 either in UK session or US session
COMEX COPPER JULY 2014 – current price $307.45
Bullish over $306.00 with $313.60 -$319.0 as price target
Bearish below $303.00 with $299.90 and $296.00 as price target
Neutral Zone between: $303-$306.00
- Copper needs to trade over $303 to target $313-$319
- There will be sellers only below $303
NYMEX CRUDE OIL (1ST CONTRACT) - current price $99.90
Bullish over $99.30 with $101.70 and $103.10 as price target
Bearish below $98.60 with $97.60 and $96.10 as price target
- There is a technical congestion between $98.30 and $99.10 and crude oil needs to trade over this zone to target $102.00-$103.20
- There will be a technical break down below $98.30 to $97.70 and $96.40
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: Monday, 5 May 2014 | E-Mail | Print | Source: GoldSeek.com
