-- Published: Friday, 24 July 2015 | Print | Disqus
I intend to buy gold when retail selling gets absurd. Retail investors are selling aggressively in the futures market. ETFs are witnessing historical outflows. This is the nature of every investment. The boom-bust cycle is there in every commodity. But unless previous boom-bust commodity cycles, this one will be much shorter than previous ones. The rise of gold prices is more politically motivated. I repeat what I have been saying for a long time. US president Obama is from Chicago, which is the global hub for commodity trading. In his first tenure as US president, commodities witnessed a historical rise. In his second tenure, commodities are witnessing a historical fall. The commodity super bull cycle will begin once Obama vacates the office of US president. I am more than confident for the same. One should use the period till January 2017 to buy lots and lots of physical gold and silver.
There is all round outflows from all metals and energies. Investors have panicked. Copper has broken key long term support of $238 and can fall another fifteen percent if it trades below $238 till Monday. Silver is just a matter of time before it starts another sell off. Silver looks headed for $1243 and $1172 in case it falls below $1410.
Gold can fall to $985.50 and $865 on a fall below $1044. Silver can fall to $1243 and $1172 as long as it trades below $1515.
COMEX TECHNICAL VIEW
COMEX GOLD AUGUST 2015 – current price $1078.60
Bullish over $1104.10 with $1114.00 and $1131.00 as price target
Bearish below $1078.00 with $1066.70 and $1044.10 as price target
Neutral Zone between $1078.00-1104.10
Jobbers aggressive buy over: No Call
Jobbers aggressive sell below: Selling only if gold trades below $1073 today.
- There will be another big wave of selling below $1073 to $1044 and $$986.
- A daily close below $1114 today will be very bearish for next week.
COMEX SILVER SEPTEMBER 2015 – current price $1451.50
Bullish over $1505 with $1556-$1581-$1607 as price target
Bearish below $1470 with $1428-$1397 and $1330 as price target
Neutral Zone between: $1470 and $1505
Jobbers aggressive buy over: NO call
Jobbers aggressive sell below: I am against selling unless silver trades below $1447 either in the UK session or the US session.
- Silver can fall to $1397 and $1244 by next week as long as it trades below $1500
- Do not buy.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $48.77
Bullish over $50.70 with $49.90 and $52.20 as price target
Bearish below $49.20 with $47.60 and $46.30 as price target
Jobbers buy over: NO call
Jobbers sell below: Risky traders sell below $48.70 stop loss $49.70 for $46.80
- Initial support is at $47.57. There will be another big wave of selling below $47.57 today.
- A daily close below $49.20 today will be very bearish for crude oil for next week.
COMEX COPPER SEPTEMBER 2014 – current price $236.40
Bullish over $247.00 with $252.30 -$257.60 as price target
Bearish below $242.00 with $231.10-$213.10 as price target
Neutral Zone between: $242.00 and $247.00
- This year’s low of $238.10 needs to hold to prevent another big sell off to $213.40.
- Do not buy any commodities.
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, 24 July 2015 | E-Mail | Print | Source: GoldSeek.com