-- Published: Thursday, 1 October 2015 | Print | Disqus
COMEX FUTURES REPORT
Momentum is bearish for gold and silver. They need to trade over $1098 and $1419 to prevent another sell off. Indians and Chinese where markets are closed tomorrow will postpone their purchases to Monday if gold and silver fall further today. US September private ADP numbers is good and gives an view that an interest rate rise can happen anytime.
So far traders and investors all alike have ignored Syria. Russian jets bombing the targets of the “Islamic State” in Syria will have serious implications. USA, its NATO allies, Israel and Saudi Arabia have just said that Assad has to go and that they are least bothered in removing “Islamic State” from Syria and Iraq. Russians entering Syria will seriously dent their motives for the time being. Russian air attacks on “Islamic State” will prevent it from expansion unlike the NATO bombing which has had zero effect. Gold and silver could see a relief rally if there is evidence of a clash between NATO and Russia in Syria.
Now all eyes are on US September nonfarm payrolls tomorrow. Physical demand for gold and silver need to rise in a sustained way to attract short term investors. Chinese have increased gold reserves in August and will continue to do so. Chinese state owned companies are using the current commodity price slide to invest in mining companies and other commodity producers. This should also be positive for industrial metals.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1115.20
Bullish over $1115.00 with $1119.10-$1123.70-$1131.60 and 1143.80 as price target
Bearish below $1108.80 with $1102.60 and $1094.80 as price target
Neutral Zone between $1108.80.10-$1115.00
Jobbers aggressive buy over: Buy at $1102-$1104 stop loss $1094 for $1127-$1143 or buy over $1119 stop loss $1114 for $1127 and $1143
Jobbers sell below: I am against selling gold unless it trades below $1109 either in UK session or US session with a strict stop loss of $1113.30
- Initial support is at $1109 with $1102 as the key support. However only a break of $1119 will attract short covering.
- There will be buyers on dips as long as gold trades over $1094-$1104 zone.
- Jobbers watch $1109 and $1119 all the time.
COMEX SILVER DECEMBER 2015 – current price $1451.00
Bullish over $1464 with $1484-$1502-$1517 and $1536 as price target
Bearish below $1439 with $1421 and $1409 as price target
Neutral Zone between: $1439 and $1464
Jobbers aggressive buy over: Buy if and only if silver trades over $1464 strict stop loss $1449 for $1484-$1496 and $1514
Jobbers sell below: Selling silver if it trades below $1444 stop loss $1452 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 $1447 and $1464 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $45.30
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 $44.60 and $45.70 all the time.
COMEX COPPER DECEMBER 2015 – current price $234.00
Bullish over $231.30 with $237.10 and $243.80 as price target
Bearish below $228.00 with $225.80-$221.10 as price target
Neutral Zone between: $228.00 and $231.30
- Copper now needs to trade over $230 today to rise to $239 and $243.
- There will be sellers only below $229 today.
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, 1 October 2015 | E-Mail | Print | Source: GoldSeek.com