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