-- Published: Tuesday, 22 March 2016 | Print | Disqus
COMEX FUTURES REPORT – holi greetings to all
Germany has said that it wants to take back its gold stored in vaults of the Federal Reserve by 2020. The real picture is that Federal Reserve does not have the German gold. It will need to buy gold from the open market since the early 1980’s. The Federal Reserve has used all the gold (of other nations) to defend the value of the US dollar. In the short term gold will be dictated by US interest rate direction. In the long term gold will break free from interest rates, changes in the value of the US dollar dictates and zoom. Anytime in the next eighteen months, gold will break free and zoom. Still big patience is the word in the short term.
Gold is looking mildly bearish at the moment and can fall further. Silver and copper are in a neutral zone. Crude oil is looking bullish. Trading volumes will fall as the week progresses. If gold and silver fall sharply before the release of US March nonfarm payrolls, then use the dip to invest. US jobs numbers are showing growth rates mainly due to an increase in measly low paying part time jobs. Unless there is a substantial increase in full time jobs, the American growth rates could be like a mirage in a desert.
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COMEX GOLD APRIL 2016 – current price $1244.80
Bullish over $1252.20 with $1262.20-$1272.30 and $1286.10 as price target
Bearish below $1248.30 with $1240.20-$1234.20 and $1220.90 as price target
Neutral Zone between $1248.30 and $1252.20
Jobbers aggressive buy over: Buy at $1219 stop loss $1209 for $1252 and $1267
Jobbers sell below: Sell only if gold trades below $1242 either in the UK session or the US session stop loss $1247.10 for $1236.80 and $1224.10
- Gold needs to trade over $1236 till Monday to prevent a big crash.
- There will sellers on rise as long as gold trades below $1262.
- Jobbers watch $1242.20 and $1254.30
COMEX SILVER MAY 2016 – current price $1583.00
Bullish over $1588 with $1613-$1629.50 and $1699 as price target
Bearish below $1559 with $1536 and $1494 as price target
Neutral Zone between: $1559 and $1588
Jobbers aggressive buy over: Buy at $1520 stop loss $1489 for $1586-$1647 or buy if silver trades over $1610 stop loss $1577 for $1647-$1710 and $1777
Jobbers sell below: sell silver below $1580 stop loss $1596 for $1549-$1521
- Failure of silver to break $1647 by 11th April will result in a fall to $1476 and $1347 and then a rise.
- Remain on the sidelines.
- Jobbers watch $1579 and $1611 all the time.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $41.44
Bullish over $39.30 with $42.20 and $45.40 as price target
Bearish below $37.00 with $36.20-$35.50 and $33.30 as price target
Jobbers buy over: Buy at $40.20 stop loss $38.90 for $42.20 and $45.80
Jobbers sell below: Sell below $36.40 stop loss $37.10 for $35.40 and $33.30
- Crude oil needs to break and trade over $42.20 for another wave of rise to $45.10 and $48.40
- Initial support is at $40.80
COMEX COPPER MAY 2016 – current price $228.20
Bullish over $224.40 with $235.10-$239.60 and $243.60 as price target
Bearish below $219.60 with $215.70 and $209.30 as price target
Neutral Zone between: $219.60 and $224.40
- Copper needs to fall below $226 or break and trade over $236 for direction.
- Initial support is at $226.30
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: Tuesday, 22 March 2016 | E-Mail | Print | Source: GoldSeek.com