-- Published: Thursday, 10 December 2015 | Print | Disqus
COMEX FUTURES REPORT
Inability of gold, silver, copper and crude oil to rise despite US dollar weakness is a cause of concern. The next week is very crucial. Investors might lose complete confidence in gold, silver, copper and crude oil in case they fall next Thursday. After the FOMC they need to rise or else they will fall ten percent in the very short term. Yesterday gold, silver and copper saw a mild sell off as they started reversing from intraday highs.
The US economic data release vacuum is over. Tomorrow retail sale numbers will be the key before the FOMC meet. If the Federal Reserve raises interest rates below a quarter percent, then the greenback will see another sell off and gold, silver and industrial metals will zoom.
Whether you are a buyer or sellers, looks for signs of trend reversal and hedge your risk. Movement is two way.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2016 – current price $1074.20
Bullish over $1070.00 with $1086-$1094.20-$1109.80 as price target
Bearish below $1060.00 with $1054.10-$1044.60-$1032.40 as price target
Neutral Zone between $1060.00-$1070.00
Jobbers aggressive buy over: Buy at $1047-$1048 stop loss $1036 for $1071-$1096 and $1119 or buy if gold trades over $1078 stop loss $1074 for $1082-$1086 and $1097
Jobbers sell below: Sell if and only if gold trades below $1062 stop loss $1067.80 for $1053.10-$1047.80 (high risk call)
- Gold needs to trade over $1065-$1070 zone today to rise to $1094 and $1109.
- Buyers will be there only if gold manages to trade over $1076 either in the UK session or the US session.
- Jobbers watch $1070 and $1079.
COMEX SILVER MARCH 2016 – current price $1416.50
Bullish over $1414 with $1437 - $1456-$1494 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 $1370 stop loss $1354 for $1455-$1515 or buy over $1421 stop loss $1413 for $1437 and $1456
Jobbers sell below: High risk traders sell silver below $1398 stop loss $1409 for $1384 and $1369.
- Failure to break and trade over $1476 in the next one week will result in a fall to $1276 first and then the rise.
- Initial resistance is at $1436 with $1476 as the key resistance.
- Jobbers watch $1390 and $1422
NYMEX CRUDE OIL (1ST CONTRACT) - current price $37.38
Bullish over $37.10 with $40.70-$42.20-$44.90 as price target
Bearish below $35.50 with $33.80-$31.10 as price target
Jobbers buy over: Buy at $34.20 stop loss $33.10 for $36.10 and $38.30 or buy over $37.70 stop loss $36.70 for $38.30-$39.30.
Jobbers sell below: Selling only if crude oil trades below $37.10 stop loss $38.10 for $35.40 and $34.20
- Three successive days of a daily close below $37.00 is a bearish signal. However a daily close below $37.00 on Friday will set the tone for $31.
- Only a break of $38.80 will resume the intraday bullish zone.
COMEX COPPER MARCH 2016 – current price $207.20
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 needs to fall below $202 or break and trade over $212 for another one way movement.
- A daily close below $203 today will be bearish for tomorrow.
- Jobbers watch $204.90 and $209.40 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
US session starts at 7pm 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.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Thursday, 10 December 2015 | E-Mail | Print | Source: GoldSeek.com