-- Published: Monday, 1 February 2016 | Print | Disqus
COMEX FUTURES REPORT
The next seven days are crucial for gold, silver, copper, crude oil and the US dollar. Last week, negative interest rates by the bank of Japan is the result of currency wars. Every nation is banking on currency weakness to spruce growth. Gains in the Japanese yen will prevent a very quick rise for gold, silver and copper.
Chinese new year demand will felt over the next three weeks. Indian demand will not be great unless there is a big price fall. Gold and silver investors are a cautious lot and are playing the short term game. They keep on exiting their investment as selected stocks are offering higher returns.
For the next five months, unless there is clear signs that January lows in gold, silver, copper and crude oil will be broken, sharp dips should be used as a investment opportunity. For now key short term resistances will be tested. Further rise will be dependent on the ability to break past key resistances of $1147, $1496, $217 and $38.10 for gold, silver, copper and crude oil.
We have the US January nonfarm payrolls on Friday. A block buster December like job gains (if repeated) will increase chances for April interest rate hike and could drag down gold and silver. Gold and silver will zoom if January job numbers come in below 170,000.
Safe haven demand from Europe should support gold and silver in February and March. Europe migrant crisis will bring down some of the governments this year. The Iron lady of Germany chancellor “Ms Merkel” government could be in a shaky position as German masses oppose her move to increase migrants. Most of Europe do not want to impose European Union dictat on migrants.
COMEX GOLD APRIL 2016 – current price $1121.20
Bullish over $1113.90 with $1127.60-$1139.40-$1146.50 as price target
Bearish below $1109 with $1105.10-$1101.70-$1093.70 and $1086.50 as price target
Neutral Zone between $1109-$1113.90
Jobbers aggressive buy over: buy at $1117 stop loss $1109 for $1135 and $1147
Jobbers sell below: Sell if and only if gold trades below $1114 either in UK session or US session stop loss $1122.30 for $1109.10 and $1094.70
- Gold can rise to $1135 and $1147 today as long as it trades over $1113.
- There will be sellers if gold trades below $1113 either in UK session or US session.
- Jobbers watch $1113.00 and $1120.90.
COMEX SILVER MARCH 2016 – current price $1427.50
Bullish over $1417 with $1452.40-$1479-$1492.0 and $1535 as price target
Bearish below $1396 with 1389-$1381 and $1367 as price target
Neutral Zone between: $1396 and $1417
Jobbers aggressive buy over: Buy if and only if silver trades over $1430 stop loss $1419 for $1460
Jobbers sell below: sell silver below $1420 either in UK session or US session stop loss $1430 for $1403.00 and $1392 or sell in case silver does not break $1470 by Monday.
- Silver needs to break and trade over $1437 to attract buyers
- Initial support is at $1420. There will be sellers only if silver trades below $1420.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $32.97
Bullish over $31.90 with $33.50-$34.20-$35.70 and $37.90 as price target
Bearish below $30.80 with $29.30-$28.10 as price target
Jobbers buy over: Buy on any $2.50-$3.50 dip with a stop loss below $29.40 for $35.00 and $38.00 or buy over $33.50 stop loss $32.80 for $35.80
Jobbers sell below: Sell below $32.00 stop loss $32.70 for $30.70 and $29.30.
- Crude oil needs to trade over $31.80 today to rise to $34.30-$36.10
- There will be sellers only below $31.80 today.
COMEX COPPER MARCH 2016 – current price $204.20
Bullish over $200.80 with $208.90 and $215.60 as price target
Bearish below $194.00 with $189.90 and $183.70 as price target
Neutral Zone between: $194.00 and $200.80
- Key resistance is at $208.80. There will be another wave of rise if copper manages to trade over $208.80 either in UK session or US session.
- There will be buyers on dips as long as copper trades over $197-$200 zone.
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: Monday, 1 February 2016 | E-Mail | Print | Source: GoldSeek.com