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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Friday, 9 October 2015 | Print  | Disqus 

COMEX FUTURES REPORT

FOMC minutes had nothing surprising. An interest rate hike is still not completely ruled out this year. This is preventing gold and silver from zooming. Next week, Indian retail demand will rise. Jewelers have already stocked themselves. It will be all up to the Indian retail demand as jewelers will buy depending on the sales.

At the moment there are a lot of short term potential investors who are waiting for gold and silver prices to fall so that they can invest. Unless key resistances of $1160 and $1614 are breached, gold and silver will see higher intraday volatility.

Copper and other industrial metals will be volatile. Crude oil has the best chance to rise to $55.

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2015 – current price $1143.20

Bullish over $1144.60 with $1152.30-$1159.10-$163.90 as price target

Bearish below $1139.10 with $1133.70 and $1127.70 as price target

Neutral Zone between $1139.10.10-$1144.60

Jobbers aggressive buy over: Buy at $1127-$1128 stop loss $1119 for $1151-$1158 or buy over $1157 stop loss $1151 for $1167 and $1183

Jobbers sell below: Sell below $1141 stop loss $1145.40 for $1136.10 and $1129.90

  • Failure of gold to break past $1160 by Monday will result in a fall to $1121 and $1107 first and then a rise to $1225.
  • Jobbers watch $1139 and $1147 all the time.

COMEX SILVER DECEMBER 2015 – current price $1567.00

Bullish over $1570 with $1596-$1614-$1640 as price target

Bearish below $1540 with $1514 and $1483 as price target

Neutral Zone between: $1540 and $1570

Jobbers aggressive buy over: Buy if and only if silver trades over $1584 strict stop loss $1572 for $1610-$1636 and $1676

Jobbers sell below: Selling silver if it trades below $1540 stop loss $1552 for $1524-1507-$1483

  • The next phase of rise will be only on a break of $1614. In case silver does not break $1614 by Monday, then it will fall to $1482 and $1441 first and then rise to $1770.
  • Initial support is at $1540.
  • Jobbers watch $1555 and $1585 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $49.66

Bullish over $47.70 with $50.80-$52.70 and $55.40 as price target

Bearish below $45.90 with $44.30 and $43.10 as price target

Jobbers buy over: Buy over $50.10 stop loss $49.40 for $52.20

Jobbers sell below: Selling only if crude oil trades below $48.70 stop loss $49.30

  • A daily close over $48.00 today will be technically very positive for crude oil with chances of $55 by next week
  • There will be short covering if crude oil manages to trade over $50.00 in the US session.
  • Jobbers watch $48.70 and $50.10 all the time.

COMEX COPPER DECEMBER 2015 – current price $237.00

Bullish over $233.70 with $242.10 and $252.10 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 $233 today to rise to $239 and $242.
  • There will be sellers only below $233 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.

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, 9 October 2015 | E-Mail  | Print  | Source: GoldSeek.com

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