-- Published: Wednesday, 2 March 2016 | Print | Disqus
COMEX FUTURES REPORT
Gold will find sellers on rises as long as it does not break $1256. Silver needs to trade over $1466 to prevent another big sell off. Investors of gold and silver are now cautious. Physical buyers of gold and silver will delay their purchases. The next four days till Monday is very crucial for gold and silver. Either they break and trade over key resistances of $1272 and $1610 or else they will fall to $1110 and $1276.
China and Europe news will also affect metals. A stabilization in the Chinese economy will be bearish for gold in the short term as it reduces the safe haven demand.
US dollar gains is also contributing to the fall of gold and silver prices.
COMEX GOLD APRIL 2016 – current price $1229.00
Bullish over $1242.10 with $1254.70-$1263.30 and $1272.10 as price target
Bearish below $1236.30 with $122.10-$1207.20 and $1194.50 as price target
Neutral Zone between $1236.10 and $1242.10
Jobbers aggressive buy over: Buy at $1202 stop loss $1188 for $1236 and $1256 or buy over $1256 stop loss $1247 for $1263-$1273.60 and $1296.
Jobbers sell below: Use a sell on rise strategy as long as gold does not break $1266.
- I am against buying gold unless it breaks and trades over $1256
- Initial support is at $1228 with $1213 as the key support till Friday.
- There will be sellers on rise as long as gold does not break $1256.
- Jobbers watch $1227.10 and $1242.80
COMEX SILVER MAY 2016 – current price $1481.50
Bullish over $1466 with $1509-$1547-$1573 and $1626.10 as price target
Bearish below $1449 with $1423 and $1396 as price target
Neutral Zone between: $1449 and $1466
Jobbers aggressive buy over: Buy at $1390 stop loss $1358 for $1466-$1535 or buy over $1511 stop loss $1498 for $1527 and $1552
Jobbers sell below: sell silver below $1477 stop loss $1488 for $1462-$1449 and $1423
- Silver will find sellers on rise as long as it does not break $1510.
- Initial support is at $1466 with $1429 as key support.
- Jobbers watch $1466 and $1509 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $33.94
Bullish over $32.10 with $34.76 and $37.21 as price target
Bearish below $30.10 with $28.40-$26.20 and $25.90 as price target
Jobbers buy over: Buy at $33.10 stop loss $30.40 for $35.20 and $37.20
Jobbers sell below: Sell below $32.70 stop loss $33.40 for $31.70 and $30.90
- Crude oil can rise to $34.70 and $37.20 as long as it trades over $32.00
- There will be buyers on dips as long as crude oil trades over $30.00-$32.00 zone
- Jobbers watch $34.20 all the time.
COMEX COPPER MAY 2016 – current price $214.80
Bullish over $209.70 with $218.70 as price target
Bearish below $205.30 with $202.10 and $198.60 as price target
Neutral Zone between: $205.30 and $209.70
- Copper can rise to $218 and $223 as long as it trades over $206
- There will be buyers on dips as long as copper trades over $205-$209 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, 2 March 2016 | E-Mail | Print | Source: GoldSeek.com