-- Published: Friday, 17 July 2015 | Print | Disqus
COMEX FUTURES REPORT
I still perceive that the Federal Reserve is crying wolf over a US interest rate hike. A US interest rate hike (if any) will be more of a political move than an economic move. Chinese economic pains are US political gains. Americans are spending more by debit card than by credit card. Americans have realized that a higher savings rate is necessary. American employment rate will be high. But Americans will spend less. Low consumer spending can result in Federal Reserve postponing the interest rate hike to the first quarter of next year.
Other than monthly employment numbers, I do not see the daily US economic data releases. US economic data releases just have a temporary impact on commodities currency markets. I prefer to look into macros of the US economy and nonrecurring events and surprises.
The people of Greece have been betrayed. Greece has been sold to NATO neocons. Now Greece will be in NATO rule for another half a century. The voters from all over the world will now take a serious look at their voting options. Popular leaders could get the knife. There will more unrest globally. Greece also will not be peaceful. Everything will be highly censored. There will be massive human rights violation by the state and nations (in Europe and the USA). The world will now live in a mirage of democracy, free speech and freedom. All these events will result in investors moving their long term savings into bitcoins, gold and other means of exchange which cannot be controlled by the state.
There will be a technical break down below $1137 (gold) and $1470 (silver)
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2015 – current price $1143.10
Bullish over $1156.10 with $1163.00 and $1171.10 as price target
Bearish below $1148.70 with $1136.70 and $1129.70 as price target
Neutral Zone between $1148.70-1156.10
Jobbers aggressive buy over: I am against buying unless gold breaks and trades over $1156.
Jobbers aggressive sell below: Sell below $1139 stop loss $1143 for $1131.10 and $1119.70
- Key support till Monday is at $1129. In case gold falls below $1129 till Monday, then there will be no hope of even a pullback rally.
- Key intraday support is at $1140.70
- Jobbers watch $1139.30 and $1149.70 all the time.
COMEX SILVER SEPTEMBER 2015 – current price $1496.10
Bullish over $1530 with $1556-$1581-$1607 as price target
Bearish below $1510 with $1477-$1457 and $1410 as price target
Neutral Zone between: $1510 and $1530
Jobbers aggressive buy over: I am against buying unless silver break and trades over $1535
Jobbers aggressive sell below: There will be another wave of selling only if silver trades below $1470 either in the UK session or the US session.
- Silver needs to trade over $1493 to prevent another sell off to $1464 and $1410
- A daily close below $1493 today will be hyper bearish for silver for the rest of the month.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $51.10
Bullish over $52.70 with $54.50 and $56.90 as price target
Bearish below $51.30 with $50.70 and $49.30 as price target
Jobbers buy over: Buy at $49.10 stop loss $48.40 for $53.10
Jobbers sell below: No call
- Looks bearish. A daily close below $53.00 will be bearish for next week.
- Crude oil needs to break and trade over $54.00 to attract short covering.
COMEX COPPER SEPTEMBER 2014 – current price $252.40
Bullish over $253.00 with $263.30 -$269.10 as price target
Bearish below $249.00 with $243.80-$239.60 as price target
Neutral Zone between: $249.00 and $253.002
- Copper needs to trade over $253 too rise to $258-$263
- There will be another wave of selling if copper trades below $251 either in the UK session or the US session.
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: Friday, 17 July 2015 | E-Mail | Print | Source: GoldSeek.com