-- Published: Monday, 2 November 2015 | Print | Disqus
COMEX FUTURES REPORT
This is the first trading day of the month. There will be position squaring and rebuilding for month end as well as yearend. US October nonfarm payrolls this week is the key. This number will decide on the co called chances of an interest rate hike in December. Chinese manufacturing data over the weekend has not been that great. Base metals traders, if they focus on china, will not be buying any metal. Lack of Indian demand has also resulted in losses for gold and silver. Technically gold and silver are in a neutral zone.
The terror attack on Russian passenger jet in Egypt will have far reaching consequences in Syria and the middle east. US has sent its troops in Syria as a counter to Russian air attacks. Europe is in a crisis due to migrants. Only mildly weak fundamentals is preventing gold and silver from a rise. Middle east and Europe both are in a crisis zone. Turkey’s Erdogen getting a full majority will only increase the woes of the people of Europe and well as middle east.
Use sharp dips this week and next week in gold and silver to buy for early December. Technically gold needs to trade over $1127 on daily closing basis every day till 13th November to prevent another big sell off. Silver needs to trade over $1500 till 13th November to prevent another big sell off.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1140.10
Bullish over $1149.00 with $1155.70-$1163.70 and $1174.30 as price target
Bearish below $1144.10 with $1134.80-$1129.90 and $1118.70 as price target
Neutral Zone between $1144.10.10-$1149.00
Jobbers aggressive buy over: Buy at $1118-$1119 stop loss $1108 for $1147-1159.70 or
Jobbers sell below: Sell if and only if gold trades below $1134 stop loss $1139.10 for $1127.80 and $1118.10 – overall remain on the sell side as long as gold does not break $1149.
- Gold can fall to $1131.10 (100 day moving average) and $1118 as long as it trades below $1155. Initial support is at $1136.40
- There will be sellers on rise as long as gold does not break $1155
- A daily close below $1131 today will be bearish for the rest of the week.
- Remain on the sidelines.
COMEX SILVER DECEMBER 2015 – current price $1552.00
Bullish over $1571 with $1585-$1604 and $1636 as price target
Bearish below $1555 with $1536-$1519 and $1492 as price target
Neutral Zone between: $1555 and $1571
Jobbers aggressive buy over: Buy at $1505 stop loss $1485 for $1555-$1620 or buy if silver trades over $1574 stop loss $1559 for $1597-$1612 and $1638.
Jobbers sell below: Selling silver if it trades below $1545 either in UK session or US session stop loss $1557
- Silver can fall to $1509 as long as it trades below $1580
- Initial support is at $1549. Key support is at $1505.
- There will be sellers on rise as long as silver trades below $1600
- Jobbers watch $1549 and $1571 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $46.40
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 $44.20 stop loss $42.90 for $49.10
Jobbers sell below: Selling only if crude oil trades below $45.70 stop loss $46.30 for $45.10 and $44.20
- Key resistance is at $47.20. Only a break of $47.20 will trigger another wave of rise.
- Jobber watch $45.20 and $47.30 all the time.
COMEX COPPER DECEMBER 2015 – current price $231.40
Bullish over $233.90 with $237.10 and $242.10 as price target
Bearish below $229.00 with $225.90-$219.70 as price target
Neutral Zone between: $229.00 and $233.90
- Buy stop losses will be triggered if copper trades below $226 at any time this week.
- Copper desperately needs to trade over $235.00 to attract buyers.
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: Monday, 2 November 2015 | E-Mail | Print | Source: GoldSeek.com