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By: Chintan Karnani, Insignia Consultants

 -- 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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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 -- Published: Thursday, 12 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

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