-- Published: Monday, 7 March 2016 | Print | Disqus
COMEX FUTURES REPORT
Once again there is speculation that the Federal Reserve will raise interest rates in April. The higher US jobs number has increased the April probability. Global uncertainty will result in the Federal Reserve to waiting till June meeting for an interest rate hike. Next week’s FOMC statement will be hawkish. There will be a fight between bulls and bears in gold and silver.
The situation in Europe and the Middle East needs a closer look. Saudi Arabia and Qatar are now buying more modernized military hardware than ever before. Turkey’s Erdogen is more of a dictator pursuing his own political agenda and crushing every opposition using the military. There seems to be a cartel among Turkey, Qatar and Saudi Arabia. This cartel is supporting the so called Islamic state, flooding Europe with radicalized Islamic refugees, converting Europe into another Middle East and indulging in mass killing. NATO is supplying arms to this cartel as it wants both Assad and Putin to go. These developments are all hyper positive for gold and silver.
Central banks are heavily into currency market trade. Every central bank is using currency moves to accomplish their economic results. Policies followed by central banks are divergent (unlike between 2000 and 2014, where convergence was the word among central banks). The purchasing power of all forms of money is swiftly declining as a result of central bank moves. None of the central bankers are reliable and/or work for the masses. People’s interest in hard assets is beginning to gain confidence. It’s a new start for hard asset class investment (after a lull of three years). However the little difference is one needs to have a balanced portfolio. Excess investment in any asset class will scare us out.
COMEX GOLD APRIL 2016 – current price $1260.70
Bullish over $1246.50 with $1285.60 and $1302.60 as price target
Bearish below $1238.20 with $1231.20-$1221.20 and $1214.90 as price target
Neutral Zone between $1238.20 and $1246.50
Jobbers aggressive buy over: Buy at $1246 stop loss $1227 for $1302 and $1256 or buy over $1266 stop loss $1257 for $1285 and $1302
Jobbers sell below: Sell if and only if gold trades below $1256 either in the UK session or the US session stop loss $1262.70 for $1251.80 and $1245.30
- Gold can rise to $1315 this week as long as it trades over $1240-$1250 zone.
- Key support till Friday is at $1238.20
- Jobbers watch $1256.10 and $1266.70
COMEX SILVER MAY 2016 – current price $1554.50
Bullish over $1522 with $1598-$1616-$1630 and $1745 as price target
Bearish below $1498 with $1488 and $1466 as price target
Neutral Zone between: $1498 and $1522
Jobbers aggressive buy over: Buy at $1520 stop loss $1498 for $1576-$1596 or buy over $1555 stop loss $1533 for $1576 and $1630
Jobbers sell below: sell silver below $1532 stop loss $1541 for $1511-$1502 and $1577
- Silver can rise to $1630 and $1745 as long as it trades over $1509-$1522 zone.
- There will be another wave of rise only if silver manages to trade over $1555 for the whole day.
- Jobbers watch $1522 and $1576 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $36.59
Bullish over $33.90 with $37.90 and $42.40 as price target
Bearish below $32.00 with $30.70-$29.90 and $28.90 as price target
Jobbers buy over: Buy at $36.50 stop loss $31.90 for $42.40
Jobbers sell below: Sell below $34.90 stop loss $36.10 for $32.90 and $31.30
- Key resistance is at $37.90. A break of $37.90 will result in $42.40
- Initial support is at $34.30 with $32.60 as key support till tomorrow.
COMEX COPPER MAY 2016 – current price $226.40
Bullish over $219.90 with $230.80-$239.60 as price target
Bearish below $214.20 with $209.70 and $203.20 as price target
Neutral Zone between: $214.20 and $219.90
- Key resistance is $230.90. Only a break of $230.90 will result in another wave of rise to $246.
- Initial support is at $222.20. There will be sellers only if copper trades below $222.20 either in the UK session or the 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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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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THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Monday, 7 March 2016 | E-Mail | Print | Source: GoldSeek.com