-- Published: Friday, 16 January 2015 | Print | Disqus
Traders and investors are still grappling with the Swiss effect. The Swiss effect has resulted in gold and silver rising. But it is too early to say whether the higher momentum will continue to rise in the short term. We have the European central bank meeting next week and the FOMC meet on the 28th of January. The Swiss decision to abandon the fixed currency peg will have an impact on decisions by these two big central banks.
I am cautiously optimistic over the sustainability of the rise of gold and silver in the short term. Technically they are bullish. At higher prices one should buy only on a break of key technical resistances. It is better to trade in a one by one technical way and ignore the volatility and other news and views.
The CME has increased margins in natural gas and copper which could limit the rise for both of them unless value based physical demand pops up.
There will be small phases of very big moves followed by long periods of consolidation. Trade very carefully.
COMEX TECHNICAL VIEW
COMEX SILVER MARCH 2015 – current price $1711.00
Bullish over $1686 with $1752-$1798-$1881 as price target
Bearish below $1649 with $1629-$1602 as price target
Neutral Zone between: $1649-$1686
- Silver needs to trade over $1720 for the whole day for another big wave of rise to $1752 and $1798
- There will be another wave of buying only if silver trades over $1702 either in the UK session or the US session
- Jobbers watch $1697 and $1720.
MCX COPPER FEBRUARY 2015 – prices in Indian Rupees below
Copper needs to trade over 346 today to rise to 363-373-386. There will be another wave of selling if copper trades below 346 either in the UK session or the US session to 337. Key long term support is at 337. A daily close below 337 today and an open below 337 on Monday could result in another big collapse for copper.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $46.40
Bullish over $46.70 with $50.20-$53.60 as price target
Bearish below $45.70 with $44.70 and $42.20 as price target
Jobbers buy over: $47.30 stop loss $46.70 for $50.60 and $52.10
Jobbers sell below: $46.10 stop loss $46.80 for $45.50 and $44.30
Others/Limit order: Buy crude oil at $39.00 stop loss $37.60 for $48.90-$52.30
- Crude oil needs to fall below $42 or break and trade over $52.00 in the next two weeks for direction.
- In case crude oil falls in the US session today, then $39 could be a possibility in the short term.
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, 16 January 2015 | E-Mail | Print | Source: GoldSeek.com