-- Published: Friday, 22 January 2016 | Print | Disqus
COMEX FUTURES REPORT – Today’s closing is very important.
European central bank’s move on the next round of quantitative easing is a deliberate move to weaken the euro. Just when it seemed that euro/usd will be able to break past key technical resistance of 1.1125, ECB comes and knocks it down. This is nothing but a part of the currency war. Gold and silver knocked down after the ECB statement.
It is better to remain on the sidelines. Till the 10th February spot gold needs to break and trade over $1110 to attract short covering. Till 10th February, silver needs a daily close over $1430 for four consecutive days to zoom. As long as gold does not have a daily close over $1410 and as long as silver does not get a daily close over $1430, short sellers might still take a shot.
Fundamentals are getting better. There is demand for gold and silver in Asia, Europe and non traditional markets. I just hope the same continues. The FOMC meet next week will affect metals and energies only if they have some surprises. As long as crude oil trades over $25, it can still rise to $35 and $42. The next wave of sell off only below $25 in crude oil.
Do not ignore geopolitical risk. It will only positively affect gold and silver. Islamic state’s terror activities will be felt every day in some part of the world. They have established a massive network and sustained network. Thanks to social networking sites, the Islamic state’s business of radicalizing muslim people and also converting other religion people into Islam will never end. Gold and silver will continue to find buyers on dips this year. Investor of gold and silver will not be worried by all the hyper bearish forecast all over the internet.
COMEX GOLD FEBRUARY 2016 – current price $1099.40
Bullish over $1085.30 with $1105.80-$1113.70-$1127.90 as price target
Bearish below $1079.40 with $1074.70-$1071.50 and $1061.30 as price target
Neutral Zone between $1079.40-$1085.30
Jobbers aggressive buy over: buy at $1080.00 stop loss $1068 for $1114 and $1124 -- for next week.
Jobbers sell below: Sell if and only if gold trades below $1094 either in UK session or US session stop loss $1099.10 for $1087.80 and $1082.10
- Gold needs to trade over $1106 for the whole day for another wave of rise to $1122 and $1144.
- Initial support is at $1092.90. There will be sellers if gold trades below $1092.90 or gold does not break $1110 by Monday.
- Jobbers watch $1098.00 and $1106.30.
COMEX SILVER MARCH 2016 – current price $1407.50
Bullish over $1382 with $1427-$1444-$1476 as price target
Bearish below $1360 with 1349-$1333 and $1316 as price target
Neutral Zone between: $1360 and $1382
Jobbers aggressive buy over: Buy on dips with a stop loss below $1348 for tomorrow or buy at $1400 stop loss $1388 for $1437-$1476
Jobbers sell below: sell silver below $1364 stop loss $1381 for $1344.00 and $1321.
- Silver has the best chance to rise to $1456 and $1500 by next week. It needs to trade over $1400 till next week to attract short covering.
- Initial support is at $1377. There will be sellers only if silver trades below $1377.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $29.70
Bullish over $29.70 with $32.20-$35.10 as price target
Bearish below $28.70 with $26.90-$25.90 as price target
Jobbers buy over: Buy on any $2.50-$3.50 dip with a stop loss below $24.20 for end February.
Jobbers sell below: Sell below $28.70 stop loss $29.40 for $27.60 and $25.90.
- Crude oil needs to trade over $28.70 till Monday to rise to $32.00-$35.10
- There will be sellers only below $28.70 today.
COMEX COPPER MARCH 2016 – current price $199.60
Bullish over $192.20 with $202.30 and $209.80 as price target
Bearish below $189.90 with $186.30 and $183.70 as price target
Neutral Zone between: $189.90 and $192.20
- Key support is at $195.40. There is always hope that copper can rise back to $207 as long as it trades over $194.10
- There will be sellers if copper trades below $195.10 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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-- Published: Friday, 22 January 2016 | E-Mail | Print | Source: GoldSeek.com