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By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 26 October 2015 | Print  | Disqus 

COMEX FUTURES REPORT

  • Gold: 200 day moving average at $1160 is the key price. Gold will fall to $1132.10 (100 day moving average if it trades below 200 day moving average.
  • Silver: 200 day moving average at $1572 is the key support. Silver needs to trade over the 200 day moving average to prevent a fall to $1508 (100 day moving average).

The FOMC statement this week will be useful if and only if there are any indications of an interest rate hike in the near future. The US dollar may not depreciate as a result of FOMC moves due to the European central bank’s position on liquidity. America will still try and ensure that gold prices do not rise.

Traders and everyone have been disappointed by the fall in gold prices. The government of India will announce the “gold monetization scheme” anytime in the next two weeks. All I can say is that if you have purchased gold which is not shown as a part of your wealth, then do not go for the scheme. You may get relief initially. The government will surely come up schemes (if not now) in the future which will tax your gold holdings. If you opt for the “gold monetization scheme” (for gold purchased with unaccounted money) then it will be short term gains and long term pains. I am also against giving jewelry for the scheme. Just remember that you will incur jewelry making charges once again whenever you take back your gold.

I still believe that one should use sharp dips in gold and silver to buy/invest for the short term. Copper, crude oil and other industrial metals and energies, one needs to remain on the sidelines. The best way to trade in gold is to be a jobber or day traders for the short term and for the long term (twelve months and more), use sharp dips (if any) for the rest of the year to invest. Silver is looking more attractive than gold.

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2015 – current price $1164.60

Bullish over $1163.80 with $1170.30-$1178.50 and $1184.60 as price target

Bearish below $1157.20 with $1149.10-$1141.40 and $1134.90 as price target

Neutral Zone between $1157.20.10-$1163.80

Jobbers aggressive buy over: Buy at $1147-$1148 stop loss $1137 for $1166-1179.70 and $1196.80 or buy if gold trades over $1167 either in the UK session or the US session stop loss $1163 for $1176 and $1186.

Jobbers sell below: Sell if and only if gold trades below $1160 either in the UK session or the UD session stop loss $1164.10

  • Big crash will be there only if gold trades below $1160 in the UK session with $1132 as the key support.
  • Initial support is at $1160.10.
  • A daily close below $1160 today can be marginally bearish for tomorrow.
  • Remain on the sidelines.

COMEX SILVER DECEMBER 2015 – current price $1583.00

Bullish over $1554 with $1608 - $1624.10 and $1666 as price target

Bearish below $1540 with $1527-$1515 and $1487 as price target

Neutral Zone between: $1540 and $1554

Jobbers aggressive buy over: Buy at $1524 stop loss $1505 for $1605-$1637 or buy if silver trades over $1590 stop loss $1578 for $1605-$1622 and $1655.

Jobbers sell below: Selling silver if it does not break $1630 by Wednesday.

  • Silver will break free from $1556-$1596-$1624 consolidation phase and form a new range.
  • Key support is at $1555.
  • Jobbers watch $1555 and $1605 all the time.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $44.66

Bullish over $45.80 with $47.10-$48.40 as price target

Bearish below $44.50 with $42.90 and $41.40 as price target

Jobbers buy over: Buy at $42.90 stop loss $41.40 for $47.79

Jobbers sell below: Selling only if crude oil trades below $44.40 stop loss $45.40 for $43.60 and $42.90

  • Looks bearish. It needs to trade over $44.50 to prevent further sell off.
  • Remain on the sidelines

COMEX COPPER DECEMBER 2015 – current price $235.00

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 $232.20 and $229 as long as it trades below $238.20.
  • There will be buyers only if copper trades over $239 either in the UK session or the US session.

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: Monday, 26 October 2015 | E-Mail  | Print  | Source: GoldSeek.com

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