-- Published: Friday, 11 December 2015 | Print | Disqus
COMEX FUTURES REPORT
Momentum is very bearish for all metals and energies commodities. People of India will not get the benefit of lower global energy prices. The government of India imposes some new taxes every time global energy prices stabilize at a lower level. Reduced energy prices leading to lower inflation, higher consumer spending and higher business spending will not happen in India and many other emerging market nations. Nations will high budget deficit instead of controlling their expenses are using lower energy prices to their own benefit instead of passing on to the people. If even half of it is passed on to the people, then global base metals prices and silver prices would have been twenty percent higher.
It’s not all over yet. For the rest of the year, gold will see another wave of sell off if it falls below $1027 or gold does not break $1109. Long term investors will be looking forward to bottom fishing while short term investors will be looking for convincing technical breakout before investing.
FOMC meet press conference will be hawkish and will be used for democratic propaganda before the US election drama next year. I believe that 2016 will be a dollar dumping year. Federal Reserve will indirectly follow a weak US dollar policy with a John Snow (former US treasury secretary) like rhetoric.
Whether you are a buyer or sellers, looks for signs of trend reversal and hedge your risk. Movement is two way. Look for signs of weekend short covering.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2016 – current price $1066.80
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: I am against buying unless gold trades over $1070 either in UK session or US session stop loss $1064.
Jobbers sell below: Sell if and only if gold trades below $1062 stop loss $1067.80 for $1053.10-$1047.80 (high risk call)
- Failure to break $1086 by Monday will result in a fall to $1054 and $1036 first.
- The region between $1060-$1070 is a neutral zone to bearish zone.
- Jobbers watch $1062 and $1073.
COMEX SILVER MARCH 2016 – current price $1406.00
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 $1349 stop loss $1329 for $1414-$1455
Jobbers sell below: High risk traders sell silver below $1398 stop loss $1409 for $1384 and $1369.
- Silver needs to trade over $1388 or break and trade over $1420 for direction.
- Big one way moves in silver will happen anytime.
- Jobbers watch $1388 and $1414
NYMEX CRUDE OIL (1ST CONTRACT) - current price $36.40
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 $33.20 stop loss $32.10 for $36.10 and $38.30
Jobbers sell below: Selling only if crude oil trades below $35.90 stop loss $37.10 for $34.40 and $33.10
- Four successive days of a daily close below $37.00 is a bearish signal. However a daily close below $37.00 today will set the tone for $31 and $27 in the short term.
- Only a break of $38.80 will resume the intraday bullish zone.
COMEX COPPER MARCH 2016 – current price $206.70
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: Friday, 11 December 2015 | E-Mail | Print | Source: GoldSeek.com