-- Published: Wednesday, 31 December 2014 | Print | Disqus
COMEX FUTURES REPORT – New Year Greetings.
Gold and silver are looking bullish at the moment and can rise further. Nothing to comment on the last day of the year. However I personally believe that 2015 should be the last year of subdued gold and silver prices (if any). One should use 2015 dips in gold and silver to invest for the long term. Better buy far dated call options.
A lot of global markets are either closed or will close early.
TODAY
Remain on the sidelines. Crude oil needs to trade over $52.60 to prevent another wave of selling. Gold needs to trade over $1190 today to rise to $1232-$1262. Silver can rise to $1710 and $1810 as long as it trades over $1580.
Do not be Hyper Bullish or Hyper bearish in any commodity till Friday.
GOLD FEBRUARY 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,168.20 | $1,174.60 | $1,184.30 | $1,196.80 | $1,207.80 | $1,214.80 | $1,221.00 | $1,242.00 |
SILVER MARCH 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,549.00 | $1,566.00 | $1,576.00 | $1,602.00 | $1,641.00 | $1,681.00 | $1,702.00 | $1,802.00 |
COPPER MARCH 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$277.10 | $279.30 | $281.10 | $285.60 | $288.70 | $292.30 | $294.50 | $299.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$50.50 | $52.70 | $53.10 | $53.60 | $54.70 | $6.00 | $56.20 | $57.20 |
All prices are in US dollar ($) above |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2015 – current price $1202.90
Bullish over $1190 with $1214.00 and $1232.00 price target
Bearish below $1184.00 with $1177.80 and $1169.30 as price target
Neutral Zone between $1184 and $1190
- Key resistance is at $1217. Gold can rise to $1217+ as long as it trades over $1190.
- Gold needs to trade over $1202 for the whole day for a massive short covering and subsequent creation of long positions.
- Remain on the sidelines.
COMEX SILVER MARCH 2015 – current price $1623.50
Bullish over $1602 with $1646-$1731 as price target
Bearish below $1549 with $1525-$1486 as price target
Neutral Zone between: $1549-$1602
- Silver can rise to $1672 an $1730 today as long as it trades over $1610
- We prefer a buy on sharp dips strategy with a stop loss below $1549 for Friday.
COMEX COPPER MARCH 2014 – current price $285.50
Bullish over $287.00 with $291.10 -$297.80 as price target
Bearish below $282.00 with $277.90 and $272.00 as price target
Neutral Zone between: $282.00-$287.00
- Copper needs to trade over $277 till next week to rise to $292 and $297
- Remain on the sidelines today.
- There will be sellers if copper trades below $282 either in UK session or US session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $53.63
Bullish over $54.70 with $59.20-$64.40 as price target
Bearish below $53.60 with $53.10 and $51.90 as price target
- There will be another wave of selling only below $52.70 to $50.70 and $48.55.
- Jobbers watch $53.60 and $54.70.
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.
Trade without emotions
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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, 31 December 2014 | E-Mail | Print | Source: GoldSeek.com
