-- Published: Monday, 7 December 2015 | Print | Disqus
COMEX FUTURES REPORT
The US retail economy has been strengthened. Next is the turn of reviving US exports. Currency devaluation will play a big role in reviving US exports. I expect a trend reversal for the US dollar in 2016 and expect a big fall. An interest rate hike on the 16th is more or less a done deal. Traders need news to digest. If there is less news on the US economy or US interest rates, the focus will switch to (a) Impact of migrants on the European economy (b) Syria and ISIS.
The more the rise in gold, silver and copper, the more will be short covering and momentum traders joining the buy bandwagon. There will be certain investors who will be looking for highs so that they can go short. This is the best time for gold bulls and silver bulls in the past three months.
There are no big US economic data releases till Thursday. It will be a technical trade till Thursday with direction of the US dollar as the key. Friday, US retail sales numbers will affect commodities.
This week: Gold needs to trade over $1058 to rise to $1109 and $1132. Initial support is at $1071. Initial resistance is at $1094.20. Silver needs to trade over $1414 to rise to $1502 and $1585. Silver has an initial resistance at $1467 and an initial support at $1428.
Key moving averages to watch
Gold February 2016: 100 day $1121.90, 5month $1108
Silver March 2016: 100 day MA $1495.40. 200 day $1541.50
Crude oil: 100 day $44.10, 200 day $44.20
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2016 – current price $1085.00
Bullish over $1071.00 with $1094.20-$1109.80-$1132.60 as price target
Bearish below $1058.20 with $1044.60-$1032.40 and $1024.10 as price target
Neutral Zone between $1058.20-$1071.00
Jobbers aggressive buy over: Buy at $1058-$1060 stop loss $1042 for $1096 and $1119 or buy over $1088 stop loss $1078 for $1102 and $1123
Jobbers sell below: Sell if and only if gold trades below $1071 stop loss $1077.10 for $1063.70-$1054.80 (high risk call)
- Gold needs to trade over $1070 till Friday to rise to $1109 and $1132. Another sell off will be there if gold does not break $1109 by Friday.
- Buyers will be there only if gold manages to trade over $1088 either in the UK session or the US session.
- Jobbers watch $1075 and $1094.
COMEX SILVER MARCH 2016 – current price $1455.00
Bullish over $1414 with $1494-$1517-$1555 as price target
Bearish below $1374 with $1359.50 and $1330 as price target
Neutral Zone between: $1374 and $1414
Jobbers aggressive buy over: Buy at $1380 stop loss $1354 for $1455-$1515 or buy over $1462 stop loss $1449 for $1494 and $1536
Jobbers sell below: High risk traders sell silver below $1420 stop loss $1436 for $1396 and $1374.
- There will be another big wave of rise if silver manages to break and trade over $1473 to $1502 and $1541.
- Initial support is at $1442 with $1411 as the key support till tomorrow.
- Jobbers watch $1442 and $1473
NYMEX CRUDE OIL (1ST CONTRACT) - current price $42.80
Bullish over $41.70 with $43.80-$44.90 and $48.90 as price target
Bearish below $40.20 with $39.60 and $37.10 as price target
Jobbers buy over: Buy at $40.80 stop loss $39.20 for $45.10-$48.70
Jobbers sell below: Selling only if crude oil trades below $42.20 stop loss $43.10 for $41.30 and $39.90
- Crude oil needs to trade over $42.90 till tomorrow to rise to $44.60 and $48.90
- Initial support is at $42.00 with $40.90 as key support till tomorrow
- Jobbers watch $42.00 and $43.50.
COMEX COPPER MARCH 2016 – current price $208.90
Bullish over $204.90 with $212.80 and $216.20 as price target
Bearish below $199.20 with $192.30-$185.60 as price target
Neutral Zone between: $199.02 and $204.90
- Copper can rise to $223.70 this week as long as it trades over $199-$204 zone.
- I am against selling copper unless it trades below $199.
- Jobbers watch $204 and $212 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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-- Published: Monday, 7 December 2015 | E-Mail | Print | Source: GoldSeek.com