-- Published: Friday, 4 December 2015 | Print | Disqus
COMEX FUTURES REPORT
There will be massive short covering in case gold and silver rise today. Gold benefited as the European central bank cut interest rates by less than expected. Yellen’s testimony was on expected lines. After today’s US jobs numbers, the pace of interest rate hikes by the Federal reserve next year will dictate financial markets. Gold will either rise to $1225 in the near term or fall to $947, there will be nothing in between. Silver will either fall to $1276/$1123 or rise to $1976, there will be nothing in between. I am against selling gold unless it trades below $1131 and silver trades below $1355 any day.
Yellen says she’s looking for a continued solid trend of job creation in November’s employment report. “But we can’t overweight any one number,” she said. Yellen agrees the weak global economy has been a drag on the economy through the stronger dollar. However, consumer spending, housing investment and business spending, are “on a solid course” and make up 85% of total spending in the economy.
Our view: 2016 will the year of a weak US dollar. A 2015 like strong US dollar will not be there. A weaker US dollar will be supportive of metals and energies prices. Only the pace of US dollar weakness and the pace of metals price rise and energy price rise will not be easy to forecast.
I do not foresee any surprises in the FOMC meet. There can be hawkish tone on future interest rate hikes. The US dollar will crash and metals and energies will zoom if the number comes in below 150,000.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2016 – current price $1061.30
Bullish over $1049.00 with $1069.10-$1079.30 and $1096.10 as price target
Bearish below $1042.10 with $1036.70-$1031.10 and $1018.80 as price target
Neutral Zone between $1042.10-$1049.00
Jobbers aggressive buy over: Buy at $1031-$1033 stop loss $1021 for $1060 and $1079 or buy over $1065 stop loss $1059 for $1076
Jobbers sell below: Sell if and only if gold trades below $1053 stop loss $1059.10 for $1044.10-$1036.80 (high risk call)
- Another chance for gold to rise to $1102 and $1176 in case it manages to trade over $1149.
- Buyers will be there only if gold manages to trade over $1065 either in the UK session or the US session.
- Jobbers watch $1049 and $1068.
COMEX SILVER MARCH 2016 – current price $1407.00
Bullish over $1372 with $1429-$1456-$1492 as price target
Bearish below $1355 with $1316 and $1272 as price target
Neutral Zone between: $1355 and $1372
Jobbers aggressive buy over: Buy at $1344 stop loss $1322 for $1413-$1455 or buy over $1410 stop loss $1402 for $1422 and $1436
Jobbers sell below: High risk traders sell silver at $1379 stop loss $1491 for $1352 and $1331
- Remain on the sidelines today.
- Big one way moves only either on a break of $1410 or on a fall below $1383
- Jobbers watch $1382 and $1412
NYMEX CRUDE OIL (1ST CONTRACT) - current price $41.34
Bullish over $40.20 with $42.20-$45.10 as price target
Bearish below $38.90 with $37.70 and $36.10 as price target
Jobbers buy over: Buy at $38.20 stop loss $37.60 for $42.20-$44.50
Jobbers sell below: Selling only if crude oil trades below $39.60 stop loss $40.40 for $38.70 and $37.10
- There will be buyers on dips as long as crude oil trades over $37 (for the rest of the month). However crude oil needs to trade over $45.00 to attract short covering by short term traders.
- Jobber watch $39.60 and $42.30.
COMEX COPPER MARCH 2016 – current price $204.90
Bullish over $203.10 with $210.70 and $219.80 as price target
Bearish below $199.00 with $196.60-$189.60 as price target
Neutral Zone between: $199.00 and $203.10
- Looks bearish and needs to trade over $199 till tomorrow to prevent another sell off.
- Jobbers watch $199 and $206 all the time.
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 2:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Friday, 4 December 2015 | E-Mail | Print | Source: GoldSeek.com