-- Published: Thursday, 8 May 2014 | Print | Disqus
COMEX FUTURES REPORT
- European central bank meeting is the key.
- Yellen -- as long as labour market improves -- will continue current path of bond purchases- when asset purchase completes fed expects considerable time before normalising interest rates -- Indirectly says that US twin deficits to come down sharply -- Our view: May and June hiring will be determine the direction for gold and US interest rates
Repeated failures to break past $1321 result in profit taking in gold and subsequent short positions getting built up. It is back to square one for gold and silver as they need to trade over $1282 and $1906 to prevent another sell off. Federal reserve chairmans view on US economy has been fairly optimistic. US economic recovery in future will be dependent on a weaker US dollar. Any sustained strength in the greenback will result in lower exports and reduced hiring.
European central bank meet will be the key. Traders and investors will be looking forward to the measures to curtail gains in euro (if any). In case euro/usd breaks past 1.41 anytime after the ECB meet, then I presume that it is all words and nothing else.
Just remember that one days fall is a buying opportunity while three successive days of fall marks the beginning of a short term bear trend.
COMEX DAILY TECHNICAL ANALYSIS |
COMMODITY | BREAK POINTS | weekly support | weekly resistance | TRADING STRATEGY |
METALS |
GOLD -JUNE 14 | 1285.30 | 1302.00 | 1285.20 | 1326.00 | watch $1289 and trade accordingly |
SILVER -- JULY 14 | 1922.00 | 1947.00 | 1901.00 | 2042.00 | Watch $1929 and trade accordingly |
COPPER --- JULY 14 | 303.00 | 307.60 | 303.00 | 313.40 | Sell at $308 stop loss $311 for $303.80 and $300.90 |
ENERGIES |
CRUDE OIL | 99.20 | 101.90 | 98.80 | 102.74 | Sell at $101.70 stop loss $102.30 for $100.60 and $99.10 |
All prices above are In US dollars |
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2014 – current price $1290.10
Bullish over $1297.00 with $1309.00 and $1321.00 price target
Bearish below $1285.00 with $1279.00 and $1269.00 as price target
Neutral Zone between $1285-$1297
- Gold needs to trade over $1285 to target $1296-$1309
- There will be another wave of selling only if gold trades below $1285 either in UK session or US session
GOLD JUNE 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,269.00 | $1,277.30 | $1,281.90 | $1,285.30 | $1,302.00 | $1,307.00 | $1,316.00 | $1,339.00 |
SILVER JULY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,878.00 | $1,899.00 | $1,906.00 | $1,922.00 | $1,934.00 | $1,947.00 | $1,979.00 | $1,995.00 |
COPPER JULY 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$299.10 | $300.20 | $301.90 | $303.30 | $305.10 | $307.00 | $308.70 | $310.20 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$98.01 | $98.63 | $99.10 | $100.45 | $101.40 | $101.90 | $102.90 | $103.80 |
All prices are in US dollar ($) above |
COMEX SILVER JULY 2014 – current price $1928.00
Bullish over $1942 with $1987 and $2040 as price target
Bearish below $1922.0 with $1909-$1878 as price target
Neutral Zone between: $1942-$1922
- Silver needs to trade over $1920 to target $1950 and $1970
- Silver will crash only if gold and copper both fall.
- Today there will be sellers only if silver trades below $1920 either in UK session or US session
COMEX COPPER JULY 2014 – current price $304.00
Bullish over $303.00 with $306.60 -$309.0 as price target
Bearish below $299.00 with $297.90 and $294.00 as price target
Neutral Zone between: $299-$303.00
- Copper needs to trade over $303 to target $309-$313
- There will be sellers only below $303
NYMEX CRUDE OIL (1ST CONTRACT) - current price $100.85
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
- Crude oil will consolidate in $98.30-$99.90-$102.10 range.
- Ukraine tensions will prevent traders from going short for the next day.
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: Thursday, 8 May 2014 | E-Mail | Print | Source: GoldSeek.com
