-- Published: Wednesday, 1 October 2014 | Print | Disqus
COMEX FUTURES REPORT
September’s private ADP number can reverse the falling trend in gold and silver. Indian demand for bullion should be exceptionally high today which will prevent prices from another wave of crash. There will be short covering by Indians due to the upcoming holidays from tomorrow. All I can say is that the quicker the fall, the quicker are the chances of an even greater pullback. Day traders and jobbers can take short positions with stop losses. For the rest I am against going short in gold and silver.
Some US lawmakers are concerned over the effects of a stronger US dollar on the US economy. A stronger currency results in higher imports and widens the trade deficit among other consequences. The US dollar and gold and silver can reverse the current direction anytime.
Crude oil needs to trade over $90.00 to rise once again to $96.00. Copper is in a neutral zone. The Euro/usd has a key long term support at 1.2460. In case the euro/usd does not fall below 1.2460 by next week, there will be pullback on rallies to 1.2945 and 1.3175. In the case that the US dollar weakens all metals and energies will rise.
TECHNICAL VIEW
MCX GOLD DCEMBER 2014 – prices in Indian Rupees below
Key support for October is at 26200. Key resistance for October is at 27620. In October as long as gold trades over 26200 the chances of a rise to 27620 and 28447 will be very high. A bearish trend will be there if (a) Gold does not break 27620 and/or (b) Gold falls below 26200.
COMEX COPPER DECEMBER 2014 – current price $300.10
Bullish over $300.00 with $306.10 -$308.50 as price target
Bearish below $298.50 with $294.40 and $292.00 as price target
Neutral Zone between: $298.50-$300.00
- Copper needs to trade over $298.50 to rise to $304 and $311
- There will be sellers if copper trades below $300.00 either in the UK session or the US session.
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, 1 October 2014 | E-Mail | Print | Source: GoldSeek.com
