-- Published: Tuesday, 29 September 2015 | Print | Disqus
COMEX FUTURES REPORT
Momentum is bearish for industrial metals. Concerns over Chinese economic growth has resulted in industrial metals falling. Gold is still hanging over $1120. Silver is on the edge of another selloff and it needs to trade over $1439 for the whole day. Copper needs to trade over $219.60 till Friday to prevent another sell off.
Traders are selling all the metals and energies investment to meet margin calls of the stock markets.
There is nothing to think for now. Just follow the stock markets and the technical levels and make your trade. Chinese markets will be closed from 2nd October to 7th October for National Day Golden week holidays. China will not impact in these days. If china effect is taken out then all industrial metals and silver should rise. I expect copper and silver to rise between 2nd October to 7th October.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1132.60
Bullish over $1137.10 with $1145.70 -$1157.60 as price target
Bearish below $1127.10 with $1121.40 - $1115.30 as price target
Neutral Zone between $1127.10-$1137.10
Jobbers aggressive buy over: Buy at $1115 stop loss $1107 for $1145-$1163 or buy over $1137 stop loss $1131 for $1145 and $1153
Jobbers sell below: I am against selling gold unless it trades below $1127 either in UK session or US session with a strict stop loss of $1133.30
- Initial support is at $1127 with $1115 as the key support.
- On the higher side gold needs to trade over $1138 to attract short covering,
- Jobbers watch $1127 and $1141 all the time.
COMEX SILVER DECEMBER 2015 – current price $1457.50
Bullish over $1474 with $1494-$1509-$1524 and $1555 as price target
Bearish below $1449 with $1433-$1421 and $1409 as price target
Neutral Zone between: $1449 and $1474
Jobbers aggressive buy over: Buy if and only if silver trades over $1472 strict stop loss $1449 for $1507-$1514 and $1532
Jobbers sell below: Selling silver if it trades below $1447 stop loss $1461 for $1431-1417-$1396.
- Silver needs to trade over $1421 till Friday to rise to $1474 and $1517. On the higher side only a break of $1474 will attract short covering.
- Use sharp dips (if any) to buy for next week with a stop loss below $1362
- Jobbers watch $1449 and $1464 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $44.48
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 $44.10 stop loss $44.80
- Crude oil needs to fall below $43 or break and trade over $48 for direction.
- Jobbers watch $43.70 and $44.80 all the time.
COMEX COPPER DECEMBER 2015 – current price $223.90
Bullish over $226.90 with $231.30 and $236.80 as price target
Bearish below $221.20 with $219.10-$212.30 as price target
Neutral Zone between: $221.20 and $226.90
- Copper needs to trade over $219 till Friday to prevent another sell off.
- Short covering will be there only if copper trades over $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: Tuesday, 29 September 2015 | E-Mail | Print | Source: GoldSeek.com