Gold and silver will break free of the recent consolidation phase and form a new range. Friday, Indian markets were closed and gold and silver fell. This is an indication that Indian demand (official plus unofficial) is the key to gold and silver prices in the short term (apart from geopolitical factors). All out efforts are being made to curb the progress of ISIS. To me it is a bit too late as the ISIS caliphate is now a dragon which has the capability to expand into Europe in the coming years. Gold and silver will benefit as ISIS expands. The expansion of ISIS will be followed by a collapse in the current values of European nations and the US dollar. (To stop the expansion of ISIS, nations will have to put curbs of facebook and other social networks, which will never be an easy task).
There is a lot of US economic data releases this week. Gold needs to trade over $1280 on a daily closing basis for bulls to have hope. Silver needs to trade over $1915 to be in long term bullish zone. A daily close below $95 in crude oil will trigger the next collapse. Copper will track global equity markets. Unless euro/usd falls below 1.3175, there will be high chances of a rise back to 1.3625-1.3750.
Traders in India will be looking to restocking. They will be using this week’s fall to replenish inventories.
GOLD DECEMBER 2014 TECHNICAL LEVELS
SILVER SEPTEMBER 2014 TECHNICAL LEVELS
COPPER SEPTEMBER 2014 TECHNICAL LEVELS
CRUDE OIL (1st Contract)
All prices are in US dollar ($) above
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1300.90
Bullish over $1305 with $1313.10 and $1326.00 price target
Bearish below $1295.00 with $1287.10 and $1279.70 as price target
Neutral Zone between $1295 and $1305
Key long term support is at $1286 and a daily close below $1286 for two consecutive days will result in $1273 and $1257
Gold has to trade over $1305 for the whole day to attract buyers and rise to $1312.
COMEX SILVER SEPTEMBER 2014 – current price $1954
Bullish over $1976 with $1984 and $2019 as price target
Bearish below $1942 with $1920-$1903 as price target
Neutral Zone between: $1942-$1976
Silver needs to trade over $1942 to be in a bullish zone.
A daily close below $1960 today will be bearish for silver for the rest of the day
Remain on the sidelines
COMEX COPPER SEPTEMBER 2014 – current price $310.90
Bullish over $312.20 with $315.70 -$318.60 as price target
Bearish below $310.30 with $07.80 and $302.90 as price target
Neutral Zone between: $310.30-$312.20
A daily close below $309.80 today will be the trigger for the next collapse for copper
We are against going long at current prices. One should wait till US session open.
NYMEX CRUDE OIL (1ST CONTRACT)- current price $96.89
Bullish over $96.30 with $98.70 and $101.70 as price target
Bearish below $95.00 with $93.90 and $91.90 as price target
Long term support is at $95.00 and crude oil needs to trade over $95.00 to prevent a crash to $90.50
Jobbers watch $97.30
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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