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By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 5 August 2014 | Print  | Disqus 

COMEX FUTURES REPORT

Technically gold and silver are bearish and need to trade over $1276 and $20.10 to prevent further sell off. Gold and silver will recover at a level only when physical demand rises in Asia. Israel – Hamas peace talks if concluded will add to bearishness. There is not much news at the moment to prevent a big rise. Only soft US economic data releases can result in higher gold and silver prices.  

The European central bank meeting on Thursday and the Reserve bank of India meeting today could affect gold and silver prices.

GOLD DECEMBER 2014 TECHNICAL LEVELS 

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,271.10

$1,279.30

$1,282.90

$1,288.00

$1,292.00

$1,296.50

$1,302.10

$1,310.30

SILVER SEPTEMBER 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,980.00

$1,991.00

$2,007.00

$2,016.00

$2,035.00

$2,054.00

$2,067.00

$2,082.00

COPPER SEPTEMBER 2014 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$317.30

$318.80

$320.60

$323.90

$325.70

$326.70

$328.00

$329.90

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$96.30

$96.90

$97.30

$98.20

$99.00

$99.60

$100.30

$101.05

All prices are in US dollar ($) above

 

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2014 – current price $1288.30

Bullish over $1285 with $1303.00 and $1317.00 price target

Bearish below $1276.00 with $1266.00 and $1249.90 as price target

Neutral Zone between $1276 and $1285

  • Looks bearish and there will be sellers on any rise as long as gold does not break $1304
  • Key support is at $1276

COMEX SILVER SEPTEMBER 2014 – current price $2017.0

Bullish over $20.55 with $20.76 and $21.03 as price target

Bearish below $20.10 with $19.96-$19.77 as price target

Neutral Zone between: $20.10-$20.55

  • Silver needs to trade over $20.35 to rise to $20.83-$21.20
  • Use the rise on exit your near term long positions and wait for more fall to invest for the long term.
  • As long as silver trades below $20.35 the chances of a fall to $1982 and $1948 will be very high.

COMEX COPPER SEPTEMBER 2014 – current price $324.00

Bullish over $322.90 with $327.60 -$330.10 as price target

Bearish below $319.90 with $318.30 and $316.80 as price target

Neutral Zone between: $319.90-$322.90

  • Back to square one as it needs to break and trade over $327 for $331 and $334
  • Jobbers watch $324 all the time

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $98.36

Bullish over $98.30 with $99.70 and $101.70 as price target

Bearish below $97.30 with $96.60 and $95.70 as price target

  • Key support is at $97.30.
  • We prefer a buy on dips strategy as long as crude oil trades over $96.00

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 Chintan Karnani

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: Tuesday, 5 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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