-- Published: Wednesday, 11 February 2015 | Print | Disqus
COMEX FUTURES REPORT
There are no big US economic data releases today. Traders will start taking positions for January’s US retail sales numbers tomorrow. The USA and the UK are bent on converting eastern Ukraine into another Iraq. Sending arms and other reinforcements to Ukraine is just another way to welcome the killing of more and more innocent. The UK is sending troops and spy planes to combat the Islamic state in the Middle East. NATO wants to occupy the Middle East in some pretext or the other. They are not interested in cutting the funding route for the Islamic state (which they can). In short gold and silver will see a short burst of rise if and when geopolitical risk takes precedence over the US interest rate factor. Thereafter the rise will be dependent on the ability to break and trade over key medium term resistances.
I am still hopeful that the current consolidation phase in gold and silver will lay the foundation of another big rise. However a wider trading range can continue for a much longer time than most of us expect.
TODAY
Stay neutral. The anything can happen zone for gold is between $1215-$1235. Inability of crude oil to rise can result in another big crash. The next two weeks are crucial for crude oil from a technical perspective. Monday the US has a holiday. As the week progresses traders will start taking positions for Tuesday.
COMEX GOLD APRIL 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,215.30 | $1,223.90 | $1,228.10 | $1,231.70 | $1,241.90 | $1,248.60 | $1,253.30 | $1,262.70 |
SILVER MARCH 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,623.00 | $1,649.00 | $1,666.00 | $1,686.00 | $1,721.00 | $1,749.00 | $1,773.20 | $1,818.50 |
COPPER MARCH 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$243.80 | $247.90 | $250.10 | $252.40 | $256.30 | $258.90 | $262.90 | $266.60 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$47.30 | $48.90 | $49.70 | $50.20 | $51.70 | $52.70 | $53.50 | $54.60 |
All prices are in US dollar ($) above. Only for reference |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2015 – current price $1237.40
Bullish over $1229.10 with $1252.30 and $1267.10 price target
Bearish below $1217.10 with $1205.40 and $1194.80 as price target
Neutral Zone between $1217.10 and $1229.10
Jobbers aggressive buy over: $1247 (if gold trades over this price in the UK/US session) for $1255.10 and $1267.30 stop loss $1239.90
Jobbers aggressive sell below: $1217.00 (at any time of the day) for $1211.30 and $1204.10 stop loss $1216.10
- Trade very carefully between $1220-$1240 zone.
- Jobbers watch $1241.10 and $1228.30 all the time.
COMEX SILVER MARCH 2015 – current price $1700.50
Bullish over $1677 with $1737 and $1796 as price target
Bearish below $1661 with $1646 and $1621 as price target
Neutral Zone between: $1661-$1677
Jobbers aggressive buy over: Buy over $1705 (if silver trades over this price either in the UK session or the US session) stop loss $1691 for $1731-$1751 and $1786.
Jobbers aggressive sell below: $1649 (if silver trades below this price in the UK/US session today) stop loss $1661 for $1629 and $1602.
- Silver needs to trade over $1666.00 to rise to $1731 and $1773
- The region between $1649 and $1681 is an anything can happen zone. Trade carefully in this zone.
COMEX COPPER MARCH 2014 – current price $254.30
Bullish over $258.50 with $264.20 -$273.40 as price target
Bearish below $252.90 with $247.80-$241.50 as price target
Neutral Zone between: $252.90 and $258.50
- Copper needs to trade over $252 to rise to $259 and $23
- There will be there sellers only if copper trades below $252 either in UK session or US session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $50.56
Bullish over $51.30 with $53.10-$55.40 as price target
Bearish below $50.30 with $49.40 and $47.10 as price target
Jobbers buy over: $52.40 stop loss $51.70 for $53.40-$54.80
Jobbers sell below: $50.40 stop loss $51.30 for $49.40 and $47.90
- Crude oil needs to trade over $50.20 today to rise to $53.70-$57.10
- There will be another wave of selling if crude oil trades below $50.30 either in UK session or 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, 11 February 2015 | E-Mail | Print | Source: GoldSeek.com
