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By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 7 April 2015 | Print  | Disqus 

COMEX FUTURES REPORT

The inability of gold and silver to break past key resistances despite all the positive circumstances could result in profit taking in long positions. It is not all over yet. Gold and silver still have the rest of the week to rise and break past $1228 and $1776 to attract massive short covering. In case they do not break past the above technical resistances, then a fall back to $1177 and $1626 could be in the cards. So a crucial few days.

Once again use sharp dips (if any) in gold, silver and copper to invest for the long term. Intraday volatility can rise.  

TODAY

Gold needs to trade over $1208 for the whole day to prevent a sell off. Silver needs to trade over $1661 for the whole day to prevent a sell off.

COMEX GOLD JUNE 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,196.80

$1,202.20

$1,208.40

$1,212.90

$1,223.40

$1,228.10

$1,233.60

$1,251.00

SILVER MAY 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,627.00

$1,649.00

$1,661.00

$1,676.00

$1,703.00

$1,727.00

$1,741.00

$1,767.00

COPPER MAY 2015 TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$263.90

$267.50

$270.80

$273.10

$277.10

$282.90

$285.40

$289.10

CRUDE OIL (1st Contract)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$48.00

$48.90

$50.50

$51.60

$52.30

$52.90

$53.30

$55.10

All prices are in US dollar ($) above. Only for reference

         

COMEX TECHNICAL VIEW

COMEX GOLD JUNE 2015 – current price $1213.20

Bullish over $1208.00 with $1223.30 and $1247.60 price target

Bearish below $1202.10 with $1196.60 and $1189.10 as price target

Neutral Zone between $1202.10 and $1208.00

Jobbers aggressive buy over: Buy if gold trades over $1227 at any time of the day stop loss $1221 for $1237 and $1247

Jobbers aggressive sell below: Selling only if gold trades below $1207 either in the UK session or the US session stop loss $1211.20 for $1202.10 and $1196.80

  • Gold needs to trade over $1208 for the whole day to prevent another sell off.
  • Take the lower base price of $1208 and do your intraday trades.
  • Trade very carefully between (a) $1208 and $1213 zone (b) $1223-$1231 zone.

COMEX SILVER MAY 2015 – current price $1688.00

Bullish over $1678 with $1733 and $1773 as price target

Bearish below $1649 with $1630 and $1602 as price target

Neutral Zone between: $1649 and $1678

Jobbers aggressive buy over:  Buy over $1703 stop loss $1688 for $1721-$1767 and $1797 (use a strict stop loss in this call)

Jobbers aggressive sell below: Selling only if silver trades below $1660 either in the UK session or the US session stop loss $1676 for $1647 and $1627 (very high risk call)

  • Silver needs to trade over $1696 for the whole day to rise to $1720 and $1747.
  • Trade very carefully between $1661 and $1700 zone.
  • Jobbers watch $1670 and $1720 all the time.

COMEX COPPER MAY 2014 – current price $273.85

Bullish over $277.10 with $284.60 -$294.60 as price target

Bearish below $273.20 with $268.90-$263.60 as price target

Neutral Zone between: $273.30 and $277.10

  • Copper needs to trade over $273.50 today to prevent another wave of selling to $269 and $263
  • Only a break of $278 will resume the intra day bullish zone.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $51.75

Bullish over $50.70 with $52.40-$54.10 as price target

Bearish below $49.80 with $49.10 and $48.60 as price target

Jobbers buy over: No call

Jobbers sell below: Sell below $51.40 stop loss $52.30 for $50.30 and $49.70

  • Crude oil needs to trade over $52.20 to rise to $53.70-$55.10
  • There will be sellers only below $50.70 today.

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: Tuesday, 7 April 2015 | E-Mail  | Print  | Source: GoldSeek.com

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Sita Ram Bazar, New Delhi-110006. India.
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