-- Published: Tuesday, 11 August 2015 | Print | Disqus
COMEX FUTURES REPORT – the first phase of correction in metals and energies is over.
Gold, silver and commodities in general rose after one of the Federal Reserve members Fischer said that interest rates may not be raised unless inflation targets are met. If Mr. Fischer is followed, then interest rates in the USA may not be raised in the next twelve months. Inflation will stay low. But I do not believe in these comments. These are just a way of fooling the investor.
Premiums on gold bars was at $2 in Singapore and Hong Kong yesterday. Dubai also started seeing a rise in gold premiums. Physical gold demand in Asia will rise today also. Premiums on gold bars in Asia will remain firm for the rest of the week. I repeat what I said yesterday, the longer gold consolidates around $1100, the higher are the chances of a sustained jump in physical gold demand in Asia. India will see higher retail demand till the end of the month, thereafter we see.
TODAY
Use a buy on dips strategy as long as gold trades over $1073-$1081 zone. Silver watch $1511 and $1533.
Today’s close is technically very important, if gold and silver need to start a short term pullback rally.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1098.40
Bullish over $1081.00 with $1106.70 -$1118.00 and $1141 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 $1078 stop loss $1068 OR buy over $1103 stop loss $1096 for $1099 and $1109 and $1121
Jobbers aggressive sell below: Selling only if gold does not break $1109 in US session or gold trades below $1088 at any time of the day stop loss $1091
- Gold can rise to $1111 and $1127 as long as it trades over $1084.
- There will be sellers only if gold does not break $1109 or gold trades below $1094 in the US session.
COMEX SILVER SEPTEMBER 2015 – current price $1518.00
Bullish over $1477 with $$1538-$1575 and $1611 as price target
Bearish below $1457 with $1438-$1417 as price target
Neutral Zone between: $1457 and $1477
Jobbers aggressive buy over: Buy at $1417 stop loss $1396 for $1535 OR Buy silver over $1530 stop loss $1511 for $1556 and $1596
- Silver need to break and trade over $1533 to rise to $1575-$1675.
- Initial support is at $1487. There will be sellers only below $1487 today.
- Jobbers watch $1511 and $1533 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $44.95
Bullish over $42.30 with $46.80 and $52.20 as price target
Bearish below $40.70 with $39.1 and $38.60 as price target
Jobbers buy over: Buy at $38.60 stop loss $35.20 or buy over $45.20 stop loss 43.90 for $47.20
Jobbers sell below: Risky traders sell below $42.20 stop loss $43.60 for $40.70 and $39.10
- Crude oil can rise to $54.00 as long as it trades over $42.0
- 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 $239.15
Bullish over $234.60 with $244.60 -$254.60 as price target
Bearish below $230.70 with $227.00-$223.10 as price target
Neutral Zone between: $230.70 and $234.60
- Copper can rise to $254 as long as it trades over $234
- We prefer a buy on dips strategy as long as copper trades over $231.
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: Tuesday, 11 August 2015 | E-Mail | Print | Source: GoldSeek.com
