-- Published: Thursday, 13 August 2015 | Print | Disqus
COMEX FUTURES REPORT
The big question is whether the rally in gold and silver will be sustainable or it may last this month and fall next month. Net short positions have reduced in gold and silver which itself is a positive sign. It will not be easy to fall below this year’s low in gold and silver. There will be higher retail demand now. Retailers were not buying on expectation of below $1000 in gold. Now they will certainly use sharp dips to buy. Physical demand for gold and silver will zoom in Asia on every big fall (if any).
Today’s US retail sales numbers will be the key. Everyone is concerned about the fall out China. Gold and silver need to trade over current prices for at least a week to attract higher investment demand and short covering. The bears are looking for fresh opportunity to go short.
The focus once again shifts to US interest rate expectations.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1121.60
Bullish over $1116.00 with $1129.60 and $1141 as price target
Bearish below $1106.00 with $1096.70 and $1081.10 as price target
Neutral Zone between $1106.00-1116.00
Jobbers aggressive buy over: Buy over $1129 stop loss $1118 for $1141-$1162 and $1177
- A break of $1129 will result in $1141 and $1169.
- Initial support is at $1106.
- There will be massive short covering if gold trades over $1141 in the US session.
COMEX SILVER SEPTEMBER 2015 – current price $1551.00
Bullish over $1511 with $1575 and $1611 and $1676 as price target
Bearish below $1457 with $1438-$1417 as price target
Neutral Zone between: $1457 and $1411
Jobbers aggressive buy over: Remain on the buy side as long as silver trades over $1520 or buy silver over $1570 stop loss $1542 for $1596-$1612-$1676
- A daily close over $1538 today will be bullish for silver with $1710 and $1886 as price target.
- Initial support is at $1511. There will be sellers only below $1511 today.
- Jobbers watch $1538 and $1570 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $43.32
Bullish over $45.10 with $46.80 and $52.20 as price target
Bearish below $43.70 with $41.70 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 $42.90 stop loss $43.60 for $41.70 and $39.70
- Looks bearish and need to trade over $42.00 to prevent another big sell off.
- The next wave of selling will be only if crude oil trades below $42.00 in the US session any day.
COMEX COPPER SEPTEMBER 2014 – current price $236.00
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 will track stock markets. It needs to trade over $227 to prevent another sell off.
- Remain on the sidelines.
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: Thursday, 13 August 2015 | E-Mail | Print | Source: GoldSeek.com