-- Published: Tuesday, 15 December 2015 | Print | Disqus
COMEX FUTURES REPORT
Sometimes market react (after the FOMC meet) in exactly the opposite way we believe it should. Prepare for any eventuality over the next three days. Keep in mind, the key major support and major resistances of the financial instrument you are trading/investing. Look for a firm direction. If you trade is on the loss making side then use key support/ key resistances to minimize losses.
Momentum trading is only for the high risk traders at the moment. Medium term investors need to wait and watch as the bottom in silver and crude oil is yet to be reached, while gold and copper are in a neutral zone to bearish zone. Long term investors invest in small amounts in all metals and energies. Physical traders or physical dealers of gold and silver hedge in futures market if gold trades below $1030 after the FOMC and hedge silver in futures market if silver trades below $1349 after the FOMC.
Silver can fall to $1254.40 and $1187.10 in case silver does not break $1465 in the next one week. Gold needs to trade over $1027.20 in the next one week to rise to $1127 and $1221.70.
Everyone is short in gold, silver and crude oil. If there are any indications of a sustained rise, then (a) shorts will be get converted into long (b) momentum traders will enter and invest (c) Long term investors and medium term investors will invest (d) Physical traders, jewelers and physical consumers of gold, silver and copper will start buying and increase their inventory levels. The net result will be very big and quick explosion of gold and silver on the higher side. But this will happen if and only if there is a clear indication that the rise in gold, silver, copper and crude oil will be there for a few weeks to a few months.
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY 2016 – current price $1063.70
Bullish over $1063.00 with $1081-$1088.20-$1094.70 as price target
Bearish below $1056.60 with $1050.70-$1043.75-$1024.00 as price target
Neutral Zone between $1056.00-$1063.00
Jobbers aggressive buy over: I am against buying unless gold trades over $1070.60 either in UK session or US session strict stop loss $1072.10 for $1088
Jobbers sell below: Sell if and only if gold trades below $1058.70 stop loss $1063.10 for $1054.10-$1049.90 and $1036.10 (high risk call)
- Gold needs to trade over $1057 today to prevent another wave of sell off.
- Initial support is at $1058.30.
- There will be buyers only if gold trades over $1070.
COMEX SILVER MARCH 2016 – current price $1370.50
Bullish over $1412 with $1437 - $1456-$1494 as price target
Bearish below $1398 with $1350.50-$1338 and $1298 as price target
Neutral Zone between: $1398 and $1412
Jobbers aggressive buy over: Buy at $1311 stop loss $1396 for $1376-$1414 or buy over $1407 stop loss $1398 for $1454.
Jobbers sell below: High risk traders sell silver below $1364 stop loss $1381 for $1349.90 and $1327.
- Silver needs to trade over $1364 till tomorrow to prevent a fall to $1338 and $1298
- Initial support is at $1364 with $1338 as the key weekly support.
- There will be buyers only if silver trades over $1390.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $36.28
Bullish over $37.10 with $40.70-$42.20-$44.90 as price target
Bearish below $35.50 with $33.80-$32.10 as price target
Jobbers buy over: Buy at $32.20 stop loss $31.60 for $36.10 and $38.30
Jobbers sell below: Selling only if crude oil trades below $35.70 stop loss $36.300 for $33.90 and $32.10
- Crude oil can fall to $32.10 and $30.60 as long as it trades below $38.70.
- Initial support is at $33.90. Initial resistance is at $36.80
COMEX COPPER MARCH 2016 – current price $210.80
Bullish over $208.70 with $216.80 and $221.90 as price target
Bearish below $204.10 with $199.10-$195.80 as price target
Neutral Zone between: $204.10 and $208.70
- Copper can rise to $220.80 and $227 this week as long as it trades over $207.
- A daily close over $212 today will be very bullish for tomorrow
- There will be sellers only if copper trades below $208 either in UK session or US session.
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: Tuesday, 15 December 2015 | E-Mail | Print | Source: GoldSeek.com