-- Published: Wednesday, 3 February 2016 | Print | Disqus
COMEX FUTURES REPORT – US January private ADP numbers at 6:45 pm IST is the key.
Either gold breaks past $1138 or it will crash to $1102. The pace of rise of gold, despite all the bullish factors has been disappointing. Silver needs to trade over $1417 to prevent another sell off. Momentum for crude oil is bearish. There is apprehension over sustainability of gold demand at current prices. In North India, gold and silver demand is way below expectations. I am more disappointed by silver demand in New Delhi. Gold, I am sure that there will be higher demand if the price falls and/or there is confirmation that higher prices are here to stay.
Technically a daily close over $1120 today will cement the way for $1190-$1230 in the short term. Silver’s price move will be dependent on the ability or inability to break past $1477. Copper and crude oil will be volatile.
COMEX GOLD APRIL 2016 – current price $1128.10
Bullish over $1118.20 with $1132.80-$1139.40-$1157.60 as price target
Bearish below $1113.10 with $1105.10-$1101.70-$1093.70 and $1086.50 as price target
Neutral Zone between $1113.10-$1118.20
Jobbers aggressive buy over: I am against buying unless gold breaks $1138 stop loss $1129 for $1147 and $1161
Jobbers sell below: Sell if and only if gold trades below $1124 either in UK session or US session stop loss $1131.10 for $1114.80 and $1102.20
- Gold needs to trade over $1131 to rise to $1138 and $1151
- There will be sellers as long as gold does not signs of sustaining $1131
- Jobbers watch $1126.90 and $1131.20.
COMEX SILVER MARCH 2016 – current price $1428.50
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 at $1390 stop loss $1384 for $1455
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.
- Failure of silver to break past $1470 by Friday will result in a fall to $1390 and $1349 first and then the rise.
- Initial support is at $1420. There will be sellers only if silver trades below $1420.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $29.70
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 at $27.20 stop loss $26.60 for $34.00
Jobbers sell below: Sell at $29.70 stop loss $30.70 for $27.40
- Crude oil needs to trade over $29.10 today to rise to $31.20-$33.60
- There will be sellers only below $29.10 today.
COMEX COPPER MARCH 2016 – current price $205.20
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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-- Published: Wednesday, 3 February 2016 | E-Mail | Print | Source: GoldSeek.com