-- Published: Friday, 5 February 2016 | Print | Disqus
COMEX FUTURES REPORT
There will be massive short covering if gold manages to trade over $1144 after the release of US January nonfarm payrolls. Next week there are no big US economic data releases till Thursday. It will be a technical trade with the direction of the US dollar as the key for all metals and energies.
I will be suspect of America entering the currency wars if the US dollar continues to depreciate after the release of US nonfarm payrolls today. The US dollar can weaken another ten percent in the short term if we get a weaker close today. A weaker US dollar will result in gold rising to $1262.50 in the short term and silver rising to $1776 in the short term.
However I will still prefer to be watchful and looks for signs of a trend reversal. Technicals for gold and silver and copper are bullish. The current rise in gold and silver is not backed by higher retail physical demand. However if gold and silver rise next week, I am sure retail investors will start buying physical gold and silver.
COMEX GOLD APRIL 2016 – current price $1155.40
Bullish over $1144.70 with $1167.30-$1173.40-$1189.50 as price target
Bearish below $1136.10 with $1127.70-$1119.30-$1103.30 as price target
Neutral Zone between $1136.10 and $1144.70
Jobbers aggressive buy over: Buy at $1137 stop loss $1128 for $1157 and $1173.10 or buy if gold trades over $1158.60 stop loss $1152.30 for $1167 and $1189.
Jobbers sell below: Sell if and only if gold trades below $1144 either in the UK session or the US session stop loss $1148.30 for $1137.90 and $1123.80
- Gold needs to trade over $1158 today for another wave of rise to $1167 and $1189.
- There will buyers on dips as long as gold trades over the $1127-$1130 zone
- Jobbers watch $1146.50 and $1157.60.
COMEX SILVER MARCH 2016 – current price $1488.50
Bullish over $1452 with $1507-$1518.0 and $1568.70 as price target
Bearish below $1433 with 1417-$1402 and $1388 as price target
Neutral Zone between: $1433 and $1452
Jobbers aggressive buy over: Buy over $1491 stop loss $1477 for $1507-$1533
Jobbers sell below: sell silver below $1477 either in the UK session or the US session stop loss $1489 for $1457 and $1433
- Key resistance is at $1504. Silver needs to break and trade over $1504 for another wave of rise to $1562 and $1600
- Initial support is at $1452 with $1430 as the key intraday support.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $31.66
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 $31.90 stop loss $30.70 for $34.60
Jobbers sell below: Sell at $29.70 stop loss $30.70 for $27.40
- Crude oil needs to trade over $31.40 today to rise to $33.60-$36.30
- There will be sellers only below $31.10 today.
COMEX COPPER MARCH 2016 – current price $212.30
Bullish over $208.0 with $216.15 and $230.20 as price target
Bearish below $205.80 with $203.10 and $198.60 as price target
Neutral Zone between: $205.80 and $208.0
- Copper can rise to $216 and $221 as long as it trades over $207
- There will be buyers on dips as long as copper trades over $203-$207 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)
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-- Published: Friday, 5 February 2016 | E-Mail | Print | Source: GoldSeek.com