-- Published: Friday, 2 January 2015 | Print | Disqus
Wake from slumber this is 2015.
Traders will take positions for next week’s central bank meetings and the huge flows of economic data releases from all over the world. Anything can happen. There will be big one way moves but whether that one way move will be sustainable or not, I am not sure. Next Friday’s US December nonfarm payrolls is also the key.
The Chinese economic contraction has been a cause of concern for most of 2014. The first two months economic performance will be the key as it coincides with the celebratory Chinese New Year next month.
Trading will still be less today and will return to normalcy from Monday. Just trade in the technical.
Do not be Hyper Bullish or Hyper bearish in any commodity till Friday.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2015 – current price $1185.00
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
- Gold has a key support at $1167 till Monday with $1202 and $1217 as key resistances. Gold will break free from $1167-$1184-$1202-$1221 range and form a new range anytime by next Friday.
- Today gold needs to trade over $1177 to prevent a sell off.
- Remain on the sidelines.
MCX GOLD FEBRUARY 2015 – PRICES IN INDIAN RUPEES BELOW
Key support till Monday is at 26400. Gold needs to trade over 26400 till Monday to rise to 27100-27560. There will be another wave of selling only below 26400. Jobbers today watch 26610-26860.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $53.89
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.
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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: Friday, 2 January 2015 | E-Mail | Print | Source: GoldSeek.com