-- Published: Monday, 10 August 2015 | Print | Disqus
COMEX FUTURES REPORT
A September interest rate hike has been factored in by the markets. The next thing which investors will be looking forward to is the pace of US interest rates till early 2016. A slower pace of hikes should be bullish for bullion. Chinese July export and import numbers reflects a continued slump in demand. China is bearish for all metals and energies.
Silver is looking more bullish than gold at the moment. In the case that gold and silver consolidate at current prices for a fortnight, there will be massive Asian demand.
The US retail sales number on Thursday is the key number this week. The global summer trading period is there for another four weeks. In the next four weeks, in case gold trades over $1044, then chances of a rise to $1200 will be very high. In the next four weeks, in case silver trades over $1376, then chances of a rise to $1630 and $1856 will be very high.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1092.60
Bullish over $1081.00 with $1098-$1106.70 and $1118.00 as price target
Bearish below $1068.00 with $1053.20 and $1034.10 as price target
Neutral Zone between $1068.10-1081.10
Jobbers aggressive buy over: Buy at $1068 stop loss $1043 OR buy over $1094 stop loss $1088 for $1099 and $1103 and $1111
Jobbers aggressive sell below: Selling only if gold does not break $1105 in the US session or gold trades below $1088 at any time of the day stop loss $1091
- Gold needs to fall below $1074 or break and trade over $1103 for direction.
- I am against selling at lower prices unless gold trades below $1068 this week.
COMEX SILVER SEPTEMBER 2015 – current price $1481.50
Bullish over $1449 with $1511-$1538-$1575 as price target
Bearish below $1417 with $1377-$1325 as price target
Neutral Zone between: $1417 and $1449
Jobbers aggressive buy over: Buy at $1417 stop loss $1396 for $1535 OR Buy silver over $1482 stop loss $1464 for $1514 and $1555
- Silver will attract short covering if it is able to trade over $1500 this week.
- For the rest of the month, I am against selling unless silver trades below $1397 for a few days.
- Jobbers watch $1465 and $1497 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $43.61
Bullish over $45.30 with $46.80 and $52.20 as price target
Bearish below $42.20 with $40.70 and $38.60 as price target
Jobbers buy over: Buy at $38.60 stop loss $35.20
Jobbers sell below: Risky traders sell below $42.20 stop loss $43.60 for $40.70 and $39.10
- Momentum is bearish for crude oil.
- The next wave of selling will be only if crude oil trades below $42.25 in the US session any day.
COMEX COPPER SEPTEMBER 2014 – current price $232.80
Bullish over $234.60 with $238.10 -$244.60 as price target
Bearish below $230.70 with $227.00-$223.10 as price target
Neutral Zone between: $230.70 and $234.60
- Key support is at $230.80. Copper needs to trade over $230.80 to prevent another sell off to $223 and $214.
- Only a break of $234.70 will resume the intraday bullish zone.
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, 10 August 2015 | E-Mail | Print | Source: GoldSeek.com