-- Published: Wednesday, 6 August 2014 | Print | Disqus
COMEX FUTURES REPORT
The trading pattern in gold and silver reminds me of the 2002-2006 period. This implies that gold and silver should form a medium term bottom between August and the middle of September followed by a two week to three weeks period of consolidation and then a very huge rise. One should use August and September dips in gold and silver to invest for the long term.
The real trade sanctions war between Russia and NATO nations is about to unleash as Russia could impose counter sanctions in the form of restricting airlines of NATO nations to use its airspace. The general mood among the business houses in NATO nations is against imposing sanctions against Russia as they will be affected and there could be large layoffs if and when Russia retaliates with counter sanctions.
Global leaders are trying to create an illusion that Russia could invade Ukraine. Russia has every right for troop buildup in its borders. Just like America send its troops wherever lives of American citizens are at risk. Russia also has a right to protect its citizens from the massacre caused by Ukrainian troops. Unlike Americans, Russian troops have not entered Ukraine. The developments in Ukraine will prevent big crashes in gold and silver.
Gold needs to trade over $1275 and silver needs to trade over $1967 to prevent further sell off. As long as gold trades over $1276 it can still rise to the $1310-$1320 zone. As long as silver trades over $1967 it can still rise to the $2035-$2065 zone. For now better to remain on the sidelines.
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 |
$1,927.00 | $1,943.00 | $1,967.00 | $1,977.00 | $2,007.00 | $2,016.00 | $2,035.00 | $2,054.00 |
COPPER SEPTEMBER 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$315.80 | $317.30 | $318.80 | $319.90 | $323.90 | $325.70 | $326.70 | $328.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$95.40 | $96.30 | $96.90 | $97.30 | $98.20 | $99.00 | $99.60 | $100.30 |
All prices are in US dollar ($) above |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1291.50
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
- Gold needs to fall below $1276 or break and trade over $1297 for direction.
- Jobbers watch $1292 all the time.
COMEX SILVER SEPTEMBER 2014 – current price $1987.0
Bullish over $1967 with $2035 and $2065 as price target
Bearish below $1943 with $1927-$1878 as price target
Neutral Zone between: $1943-$1967
- Silver can still rise to $2070 as long as it trades over $1943-$1967 zone
- Better to remain on the sidelines.
COMEX COPPER SEPTEMBER 2014 – current price $320.50
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
- Key long term support is at $315.80 and copper needs to trade over $315.80 for the rest of the month to be in a bullish zone.
- Jobbers watch $321 all the time
NYMEX CRUDE OIL (1ST CONTRACT) - current price $97.63
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.
- Crude oil is looking bearish but bulls still have a ray of hope as long as it 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: Wednesday, 6 August 2014 | E-Mail | Print | Source: GoldSeek.com
