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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 14 August 2015 | Print  | Disqus 

COMEX FUTURES REPORT

Gold has a mini double top at $1126 - Silver has a mini double top at $1560 – watch for weekend short covering in crude oil.

I am not buying in gold and silver unless they break and trade over $1131 and $1576 respectively. There will always be risk of a big fall in case these prices are not breached. US July retail sales numbers point to an interest rate hike next month.

As Chinese currency issues take a back seat gold and silver can fall. However the initial fall in prices (from current levels) will be met by equally strong Indian demand and Asian demand. We have a weekend coming up. Indian demand for gold and silver should zoom this weekend.

Next week apart from FOMC minutes and US housing numbers, there are no big numbers. In case gold fails to break and trade over $1141 by next Friday, then chances of a fall back to $1068 and below will be high. Silver needs to break and trade over $1671 for another set of rise. However I will prefer to use sharp dips in silver (till next Friday) to invest for a period of three months.

Today’s close and Monday’s close is technically very important for all commodities.   

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2015 – current price $1112.60

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

Jobbers sell below: Selling only if gold trades below $1112 either in the UK session or the US session stop loss $1119 for $1102 and $1088

  • Gold needs to trade over $1119 to rise to $1129 and $1141
  • Initial support is at $1106.
  • There will be sellers on any rise as long as gold does not break the $1119-$1131 zone.

COMEX SILVER SEPTEMBER 2015 – current price $1534.50

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

Jobbers sell below: Selling silver if it trades below $1538 either in the UK session or the US session stop loss $1552 for $1511 and $1477.

  • 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 $1530 and $1570 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $42.02

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 $42.00 stop loss $43.10 for $40.60 and $39.70

  • Looks bearish and need to trade over $42.00 to prevent another big sell off.
  • Crude oil can fall to $40.60 and $39.40 in case it trades below $42.00 in the US session.

COMEX COPPER SEPTEMBER 2014 – current price $236.10

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

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

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)


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 -- Published: Friday, 14 August 2015 | E-Mail  | Print  | Source: GoldSeek.com

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