-- Published: Monday, 6 July 2015 | Print | Disqus
COMEX FUTURES REPORT
A Greece “No” vote should be positive for gold. The fall in the euro is the only blocker for now. The reaction of stock markets all across the world will be the key. The drama will continue for a few more days.
There has been a massive support for anti-austerity all across Europe for Greece. All these people are voters. Whenever the next democratic elections are held in different nations across Europe, anti-austerity parties will get a big chunk of votes. This is the message Greece has given to Europe. Do not be a slave of America, Germany and their allies. Southern European nations will now be a thorn for Germany. A Greece default is just the beginning of a new tidal wave of political revolution (after the Second World War) for Europe. Gold and silver have no option but to rise from next year.
Technology is changing our lives each day. Every nation is directly or indirectly ransomed by America. Globally more and more anti-American parties will get more votes in every democratically held election. Snowden, Wikileaks and others have just started the path towards a new political word order. Obviously NATO will fight till the last Oxygen to ensure they rule everyone. This transition phase of the snail paced decline of American supremacy will put gold prices into Mars. The manipulators of gold prices will have a very heavy price.
The leaked cables tell us, that almost all big mergers and acquisitions in the corporate world are controlled by Americans and American politicians have a vested interest. American politicians are looting everyone. In the name of patents they just jerk up the prices of essential medicines and make you bankrupt is just one of the examples which I can give. Large food and beverage companies mix chemicals in our daily diets so that we go to the doctor frequently. The corporate word-political mafia will come to an end later than sooner. NATO is opposed to Russia as he is just trying to reduce corporate word-political mafia for the benefit of the masses. Another reason for me to cheer for gold in the long run.
However in the short term, gold and silver will be moved by fundamentals and ability/inability to trade over key long term resistances. Indian gold demand should start to rise after a fortnight and continue the trend slowly and steadily till the middle of November. Indian gold discounts should fall towards the latter half of the week.
Intraday volatility will rise. Trade carefully. Base metals could fall if global stock markets crash. Crude oil is technically bearish below $56.00. Gold and silver movement will be dependent on the ability to break key price levels.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2015 – current price $1167.90
Bullish over $1177.60 with $1189.10 and $1196.80 as price target
Bearish below $1172.30 with $1166.40-$1158.10 as price target
Neutral Zone between $1172.30-1177.60
Jobbers aggressive buy over: Buying at $1146 stop loss $1143 for $1169-$1185 OR Buying only if gold trades over $1172 strict stop loss $1168.70 for $1181
Jobbers aggressive sell below: There will be another wave of selling only below $1161.
- Gold to trade over $1161 for the whole day to rise to $1174 and $1188
- Jobbers watch $1166/$1177.60 all the time.
COMEX SILVER SEPTEMBER 2015 – current price $1559.50
Bullish over $1570 with $1592-$1607-$1623 as price target
Bearish below $1549 with $1536 and $1510 as price target
Neutral Zone between: $1549 and $1570
Jobbers aggressive buy over: buy over $1572 stop loss $1561 for $1586-$1607
Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1540 either in UK session or US session.
- Silver needs to trade over $1540 today to prevent another sell off.
- Buyers/short term investors should wait for a clear trend reversal and then invest.
- Jobbers watch $1536 and $1559.
COMEX COPPER SEPTEMBER 2014 – current price $259.90
Bullish over $260.00 with $267.10 -$272.30 as price target
Bearish below $257.00 with $253.90-$249.70 as price target
Neutral Zone between: $257.00 and $260.10
- Copper will track global stock markets. It needs to trade over $257 to prevent another sell off.
- Key weekly support is at $252.60
NYMEX CRUDE OIL (1ST CONTRACT) - current price $55.20
Bullish over $56.90 with $57.40 and $58.60 as price target
Bearish below $56.00 with $54.70 and $52.90 as price target
Jobbers buy over: I am against buying unless crude oil trades over $57.00
Jobbers sell below: Sell below $54.40 stop loss $56.30 for $53.70-$51.40
- A daily close below $56.00 today and tomorrow will result in result in $47 in the short term.
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: Monday, 6 July 2015 | E-Mail | Print | Source: GoldSeek.com