-- Published: Wednesday, 20 May 2015 | Print | Disqus
COMEX FUTURES REPORT
There is no big US economic data release. It will be a technical trade. Gold, silver and other commodities will track the US dollar.
Yesterday US housing starts number is playing ding dong with the US dollar and commodity markets. Use sharp dips (if any) from here this week to invest for the long term. Next week gold June futures will expire. Option traders and medium term future traders have started building positions for the June to September period.
(A)In case gold and silver fall today also, then there will be massive covering of buys.
(B) In case gold, silver and copper rise today, then a short term bottom may have been formed.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2015 – current price $1208.20
Bullish over $1203.40 with $1212.30 and $1219.90 and $1229 price target
Bearish below $1199.10 with $1194.60 and $1189.90 as price target
Neutral Zone between $1199.10-1203.40
Jobbers aggressive buy over: Buy if gold trades over $1211.10 in the UK session or the US session stop loss $1207.60 for $1217.60 and $1223 (use strict stop loss)
Jobbers aggressive sell below: There will be another wave of selling if gold trades below $1206 either in the UK session or the US session
- There is a technical congestion between the $1199-$1203 zone. Gold needs to trade over this zone to prevent another sell off.
- Selling will be there if (a) Gold trades below $1203 or (b) Gold does not break $1219 today.
- Jobbers watch $1224 and $1206 all the time.
COMEX SILVER JULY 2015 – current price $1706.00
Bullish over $1730 with $1771 and $1796 as price target
Bearish below $1700 with $1683 and $1661 as price target
Neutral Zone between: $1700 and $1730
Jobbers aggressive buy over: Buy over $1730 stop loss $1715 for $1749 and $1771
Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1700 either in the UK session or the US session.
- Key support till Friday is at $1683. Silver needs to trade over $1683 to prevent another wave of sell off.
- Only a consolidated break of $1727 will attract buyers.
- Jobbers watch $1700 and $1727.
COMEX COPPER JULY 2014 – current price $283.75
Bullish over $288.10 with $297.90 -$307.50 as price target
Bearish below $283.50 with $279.00-$275.10 as price target
Neutral Zone between: $283.50 and $288.10
- Copper has a technical congestion between $280-$282.70 to prevent another sell off to $288-$296
- There will be sellers only if copper trades below $280 either in the UK session or the US session.
- Remain on the sidelines.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $58.48
Bullish over $57.90 with $59.60 and $60.70 as price target
Bearish below $57.00 with $56.10 and $55.30 as price target
Jobbers buy over: Buy over $59.10 stop loss $58.40 for $60.10-$62.20
Jobbers sell below: Sell below $57.60 stop loss $58.40 for $56.90-$55.30 (high risk call)
- The first phase of correction is over. The next phase of fall will be there only below $57.00
- There will be buyers only over $59.00 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.
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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, 20 May 2015 | E-Mail | Print | Source: GoldSeek.com