-- Published: Wednesday, 28 October 2015 | Print | Disqus
COMEX FUTURES REPORT
Gold and silver will break free from the recent consolidation phase. Gold and silver will not rise as long as investors are obsessed US interest rate hikes and Chinese slowdown. For gold to zoom in the short term either US economic numbers portray a slow economic growth and/or Chinese show signs of a long term bottom formation. Apart from these two, rest all the factors are bullish for gold.
Crude oil is looking bearish at the moment. With every fall buy stop losses are being triggered. There will be another wave of selling if crude oil trades below $42.90 in US session any day for the rest of the month. If crude oil falls in November, then chances of a fall to $31 will be quite realistic. Arrival of winter season in the northern hemisphere will also have an effect on crude oil and energy prices. So far 2015 has been the hottest year on record. However Japanese forecasts say that winter of 2015 will be more chillier than last year.
Gold could trade in $1118-$1134-$1191-$1222 range for the rest of the year. Big one way moves will be dependent on break of either of the extreme values.
Silver can fall once and then rise if it does not break $1625 in a week’s time. One should use any $100-$150 fall (if any) to invest for a period of six months.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1167.70
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 UK session or US session stop loss $1163 for $1176 and $1186.
Jobbers sell below: Sell if and only if gold trades below $1160 either in UK session or Us session stop loss $1164.10
- Big crash will be there only if gold trades below $1160 either in 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 $1589.50
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 $43.27
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 $41.40 stop loss $39.90 for $46.30
Jobbers sell below: Selling only if crude oil trades below $42.90 stop loss $43.60 for $42.10 and $40.40
- Looks bearish. It needs to trade over $42.90 to prevent further sell off.
- Remain on the sidelines
COMEX COPPER DECEMBER 2015 – current price $235.60
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 UK session or 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.
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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: Wednesday, 28 October 2015 | E-Mail | Print | Source: GoldSeek.com