-- Published: Tuesday, 20 October 2015 | Print | Disqus
COMEX FUTURES REPORT
I am not buying into gold and silver at current prices unless there are clear signs of a trend reversal. Fears over Chinese growth and the subsequent effect on demand for gold and silver is preventing precious metals and base metals from a rise. At the moment the fall in gold and silver is just profit taking which if it continues till Friday will mark the beginning of another short term bearish phase. This could be the technical picture. However I will prefer to use sharp falls (if any) in gold, silver and copper till Friday to invest for November. If prices remain subdued on the weekend, Indians will aggressively buy gold and silver. Any delay in US interest rates and optimism of good Indian demand for gold and silver are the only reason for me to be bullish on gold and silver in the very short term.
Europe’s migration issue is just a time bomb waiting to explode. The imported Asian immigrants are not peace living people. This will result in clashes everywhere which will destabilize the peace in Europe as a whole. Once these imported Asian immigrants get voting rights, then the political mafia of Europe will do everything to appease them. Traditional people who have been living in Europe for generations will be ignored. Europe’s immigration will be next big catalyst for Europe to rise.
Remain on the sidelines and look for signs of trend reversal.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1167.90
Bullish over $1171.50 with $1182.30-$1192.60 and $1208.70 as price target
Bearish below $1166.70 with $1160.90-$1152.30 and $1142.70 as price target
Neutral Zone between $1166.70.10-$1171.50
Jobbers aggressive buy over: Buy at $1148-$1149 stop loss $1143 for 1171.30 and $1184.30
Jobbers sell below: Sell below $1166.30 strict stop loss $1171.10 for $1160.70 and $1155.80
- There will be another wave of selling if gold trades below $1166 either in the UK session or the US session.
- Initial support is at $1160.70.
- Remain on the sidelines.
COMEX SILVER DECEMBER 2015 – current price $1577.50
Bullish over $1582 with $1625 - $1666.60 and $1727 as price target
Bearish below $1575 with $1553-$1515 and $1487 as price target
Neutral Zone between: $1575 and $1582
Jobbers aggressive buy over: Buy at $1530 stop loss $1505 for $1605-$1637 or buy if silver trades over $1600 stop loss $1589 for 1635 and $1676
Jobbers sell below: Selling silver if it trades below $1575 either in the UK session or the US session stop loss $1586 for 1553-$1537
- Key support is at $1556. Silver needs to trade over $1556 to prevent another sell off.
- Failure to break $1620 by Monday will result in a fall to $1486 and $1447 first.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $47.67
Bullish over $46.10 with $48.70-$50.10 and $52.30 as price target
Bearish below $45.70 with $44.90 and $43.30 as price target
Jobbers buy over: Buy over $48.30 stop loss $47.70 for $49.20 and $50.20
Jobbers sell below: Selling only if crude oil trades below $47.30 stop loss $48.10 for $46.40 and $45.60
- A break of $48.50 will result in $50.10 and $52.70. On the lower side as long as $45 holds, downside risk will be limited.
- There will be buyers on dips as long as crude oil trades over $43.00
COMEX COPPER DECEMBER 2015 – current price $239.70
Bullish over $237.10 with $245.30 and $252.10 as price target
Bearish below $234.10 with $231.60-$227.60 as price target
Neutral Zone between: $234.10 and $237.10
- Looks bearish and can fall to $235.90 and $229 as long as it trades below $242.90.
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, 20 October 2015 | E-Mail | Print | Source: GoldSeek.com