-- Published: Wednesday, 15 October 2014 | Print | Disqus
COMEX FUTURES REPORT
Gold has to break and trade over $1253 by next Friday (24th October) for further gains. In case gold does not break and trade over $1253 by next Friday, then it will fall to $1176 and $1142 (this is just the potential technical picture). Silver needs to break and trade over $1810 by 24th October for further gains. In silver does not break and trade over $1810 then chances of a fall to $1664 and $1496 will be very high. The next four trading sessions till Monday will be very crucial for gold and silver. Indian demand will be high in the next one week, but whether the same can lift bullion prices remains to be seen.
Right now gold and silver are in a neutral zone. Lower crude oil prices will prevent a big rise.
TODAY
US economic data releases include (a) Retail Sales (b) Core producer price index (c) Empire state manufacturing index (d) Business inventories among others. These numbers can result in three percent one way moves.
GOLD DECEMBER 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,208.60 | $1,217.40 | $1,221.60 | $1,226.30 | $1,237.00 | $1,247.00 | $1,251.70 | $1,266.40 |
SILVER DECEMBER 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,666.00 | $1,697.00 | $1,704.00 | $1,718.00 | $1,731.00 | $1,755.00 | $1,771.00 | $1,797.00 |
COPPER DECEMBER 2014 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$298.50 | $300.30 | $303.95 | $306.10 | $307.90 | $309.30 | $312.10 | $315.30 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$79.70 | $80.30 | $81.10 | $81.46 | $82.78 | $83.63 | $84.05 | $85.90 |
All prices are in US dollar ($) above |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2014 – current price $1227.10
Bullish over $1221 with $1243.10 and $1263.00 price target
Bearish below $1207.00 with $1202.80 and $1194.00 as price target
Neutral Zone between $1207 and $1213
- Failure to break $1243 today will result in a fall to $1216 and $1204 first.
- There will be sellers if gold trades below $1226 in the UK session or the US session.
COMEX SILVER DCEMBER 2014 – current price $1724.50
Bullish over $1718 with $1771 and $1844 as price target
Bearish below $1685 with $1632-$1583 as price target
Neutral Zone between: $1685-$1713
- Silver needs to trade over $1750 for further gains today.
- There will be sellers if silver trades below $1720 either in the UK session or the US session.
- Jobbers watch $1730 all the time.
COMEX COPPER DECEMBER 2014 – current price $307.80
Bullish over $303.00 with $309.10 -$313.30 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 $303 to rise to $312 and $317
- There will be buyers on dips as long as copper trades over the $294-$298 zone.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $81.95
Bullish over $82.70 with $84.60-$87.60 as price target
Bearish below $81.90 with $79.66 and $78.60 as price target
- A daily close below $82.00 today will be very bearish for crude oil with chances of $78.67 and $75.82 as price target.
- Jobbers watch $82.00 all the time.
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, 15 October 2014 | E-Mail | Print | Source: GoldSeek.com
