-- Published: Thursday, 12 March 2015 | Print | Disqus
COMEX FUTURES REPORT
The US dollar is overbought. Any profit taking in the US dollar will result in quick gains for all commodities. There is huge expectation that the US February retail sales will be good. A below expectation US retail sale numbers will result in gold spiking to the $1190/$1220 zone quickly and silver rising to the $1726-$1860 zone very quickly.
So yes, I will prefer to take a chance and use a buy on sharp dips strategy in all commodities (before the release of US retail sale numbers) and in case they fall below the day’s lows (after the release of US retail sale numbers), then reverse the buy into sell for $1076 and $1276 respectively.
The real currency wars have just begun with South Korea cutting interest rates. I believe that a strong US dollar is a double edged sword as it reduces imported inflation but hurts US exports. Next week’s FOMC statement will be swayed by the currency impact.
TODAY
Commodities to follow the US dollar and nothing else. I hope key long term support are held for gold, silver and copper.
COMEX GOLD APRIL 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,103.50 | $1,133.90 | $1,141.10 | $1,146.30 | $1,157.60 | $1,164.10 | $1,171.30 | $1,194.80 |
SILVER MAY 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,427.00 | $1,497.00 | $1,516.00 | $1,526.00 | $1,567.00 | $1,599.00 | $1,626.00 | $1,657.00 |
COPPER MAY 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$253.10 | $257.40 | $259.30 | $261.10 | $264.90 | $268.30 | $271.10 | $273.80 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$45.30 | $46.20 | $47.10 | $47.70 | $48.80 | $50.50 | $51.10 | $51.50 |
All prices are in US dollar ($) above. Only for reference |
COMEX TECHNICAL VIEW
COMEX GOLD APRIL 2015 – current price $1152.20
Bullish over $1157.00 with $1181.10 and $1196.80 price target
Bearish below $1147.00 with $1139.10 and $1128.80 as price target
Neutral Zone between $1147.00 and $1157.00
Jobbers aggressive buy over: Buy if and only if gold trades over $1173 in UK session strict stop loss of $1167.10 and a price target of $1189.10 and $1202.30
Jobbers aggressive sell below: Sell only if gold trades below $1146 in UK session strict stop loss $1151 for $1142.20-$1137.10 and $1128.60
- Gold needs to trade over $1141 for the whole day to prevent another massive sell off to $1126-$1103.50 and $1081.0
- Only a consolidated break of $1163 (either in UK session or US session) will attract short covering.
COMEX SILVER MAY 2015 – current price $1542.00
Bullish over $1562 with $1596 and $1636 as price target
Bearish below $1526 with $1512 and $1449 as price target
Neutral Zone between: $1526 and $1562
Jobbers aggressive buy over: Buy if silver trades over $1590 (either in UK session or US session) stop loss $1576 for $1617 and $1632 (high risk call)
Jobbers aggressive sell below: Selling only if silver trades below $1526 either in UK session or US session stop loss $1543 for $1508 and $1486 (very high risk call)
- Silver needs to trade over $1526 today to rise to $1600 and $1636
- Trade very carefully between $1526 and $1570 zone, despite the bearish trend.
- There will be another wave of selling only if silver trades below $1526 in UK session.
COMEX COPPER MAY 2014 – current price $260.85
Bullish over $263.60 with $271.10 -$277.80 as price target
Bearish below $257.70 with $253.90-$251.10 as price target
Neutral Zone between: $257.70 and $263.60
- Copper needs to trade over $257 today to prevent another sell off.
- Use any $10-$15 dip (if any) to buy for next week.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $48.19
Bullish over $49.10 with $50.30-$51.40 as price target
Bearish below $47.70 with $46.10 and $44.70 as price target
Jobbers buy over: $49.10 stop loss $48.60 for $50.10-$51.30
Jobbers sell below: $47.70 stop loss $48.30 for $46.95 and $44.90
- Crude oil needs to trade over $47.70 to prevent another wave of selling.
- Trade very carefully between $46.50-$50.10 zone.
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: Thursday, 12 March 2015 | E-Mail | Print | Source: GoldSeek.com
