-- Published: Monday, 28 September 2015 | Print | Disqus
COMEX FUTURES REPORT
The third quarter of the year is coming to an end. This year every one of us has been excessively obsessed with a US interest rate hike. Very few correctly anticipated the crash of the Chinese stock market crash. Traders, investors and all are still obsessively hanging on to these two factors for their investment call on currency markets and metals and energy investments. In the final quarter of the year, these factors will give way to another new set of factors which will change the mindset of the retail global investor community. When this mindset change starts to occur, precious metals, base metals and emerging market currencies will give very clear indications of a long term bottom formation.
Investors make decisions based on low hanging fruits. They like low hanging fruits and never have the patience to try higher fruits. Central banks, hedge fund managers and large investors play with the mindset of the low hanging fruit mindset of investors and manipulate markets. In Hindi I will say” Zyada tar investor behte paani mein ke saath nivesh karti hai aur late jaagti hai. Bahut rare hai woh investor jo tide ke against aapna investment decision leete hai. Lekin jab nuksan hota toh exchange ko koos te hai”. Low hanging fruits investment decisions will certainly backfire in the next six months. A big change and a big directional change will come. There are lots of other factors other than interest rates and China which have been ignored. Once other factors start to affect the market, these low hanging fruit investors will get ripped apart. I am just trying to caution them.
This week, US September nonfarm payrolls will be the key. Technically gold is showing signs of a big bullish formation. Silver will break free from the recent consolidation phase and form a new range. I am hopeful that silver will rise to $1900 and above in October. Copper and zinc should form a long term bottom in October.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1145.30
Bullish over $1141.10 with $1157.10 -$1171.60 as price target
Bearish below $1136.30 with $1131.10 - $1121.40 as price target
Neutral Zone between $1136.30-$1141.10
Jobbers aggressive buy over: Buy at $1121 stop loss $1113 for $1154-$1171 or buy over $1149 stop loss $1139 for $1161 and $1184
Jobbers sell below: I am against selling gold unless it trades below $1139 either in the UK session or the US session with a strict stop loss of $1144.70
- A big rise will be there only if gold breaks and trades over $1160. The region between $1147-$1160 is a neutral zone to bullish zone.
- On the lower side as long as gold trades over $1139 downside risk will be limited.
- Jobbers watch $1143 and $1151 all the time.
COMEX SILVER DECEMBER 2015 – current price $1505.0
Bullish over $1484 with $1517-$1537-$1555 and $1574 as price target
Bearish below $1460 with $1449-$1431 and $1411 as price target
Neutral Zone between: $1460 and $1484
Jobbers aggressive buy over: Buy if and only if silver trades over $1512 either in the UK session or the US session strict stop loss $1499 for $1531-$1544 and $1574
Jobbers sell below: Selling silver if it trades below $1480 either in the UK session or the US session stop loss $1492 for $1464-1449-$1431.
- Silver needs to break and trade over $1515-$1540 zone for another set of rise.
- One needs to trade carefully as long as silver does not break and trade over $1540.
- Jobbers watch $1492 and $1517 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $45.28
Bullish over $44.60 with $46.10-$47.30 and $49.10 as price target
Bearish below $43.40 with $42.70 and $40.80 as price target
Jobbers buy over: buy over $45.70 stop loss $44.90 for $46.70 and $47.40
Jobbers sell below: Selling only if silver trades below $44.70 either in the UK session or the US session stop loss $45.20
- Crude oil needs to fall below $43 or break and trade over $48 for direction.
- Jobbers watch $44.70 and $45.70 all the time.
COMEX COPPER DECEMBER 2015 – current price $229.20
Bullish over $233.30 with $238.90 and $243.40 as price target
Bearish below $228.00 with $222.20-$219.10 as price target
Neutral Zone between: $228.00 and $233.30
- There is technical congestion between $219-$222 and $228. Copper needs to trade over this zone till next week to prevent another big sell off.
- Buying preferably only if copper trades over $233 with a strict stop loss below $227.
- Momentum is bearish for copper.
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, 28 September 2015 | E-Mail | Print | Source: GoldSeek.com
