-- Published: Monday, 4 September 2017 | Print | Disqus
North Korea’s hydrogen bomb has given a hydrogen boost to gold and silver. Copper and industrial metals have had a technical breakout. The US dollar has remained immune to North Korea. The US Navy has increased patrols in South China Sea. East Asia is now the current middle east and north Africa of the world.
US markets are closed today. Moves will be there. No one can sleep on their trades. Keep your eyes open and do not miss the opportunity to encash the sudden one-way moves.
Gold can zoom to $1400 this week if it manages to trade over $1332. Silver can zoom to $1897.90 this week if it manages to break and trade over $1806.90. Copper can rise to $333.80 this week as long as it trades over $307.10. Crude oil will break free the recent range bound trade.
Technical support/resistances -- comex/nymex futures
COMEX GOLD DECEMBER 2017 TECHNICAL LEVELS -- pivot $1337.30
SILVER DECEMBER 2017 TECHNICAL LEVELS -- pivot $1806.90
COPPER DECEMBER 2017 TECHNICAL LEVELS -- pivot $313.80
CRUDE OIL (1st Contract) -- pivot $47.20
All prices are in US dollar ($) above. Only for reference
COMEX GOLD DECEMBER 2017 – current price $1338.30
Bullish over $1332.70 with $1347.20 and $1366.10 as price target
Bearish below $1320.10 with $1311.30 and $1297.60 as price target.
Neutral Zone between: $1320.10-$1332.70
Jobbers aggressive buy over: Buy at $1332.70 stop loss $1319.10 for $1366 or buy over $1342.80 stop loss $1335.90 for $1366.
Jobbers aggressive sell below: Sell only if gold does not break and trade over $1348 today.
- Gold can rise to $1347.20 and $1366 as long as it trades over $1332.
- Trade very carefully between $1320 and $1332 in the event of a correction.
COMEX SILVER DECEMBER 2017 – current price $1791.90
Bullish over $1755.10 with $1806.90 and $1900.60 as price target
Bearish below $1736.90 with $1713.90 and $1681.90 as price target
Neutral Zone between: $1736.90-1755.10
Jobbers aggressive buy over: Buy at $1790 stop loss $1761 for $1829.90 and $1861.90.
Jobbers sell below: Sell only if silver does not break $1811 today.
· Silver can rise to $1861.90 as long as it trades over $1755.30.
· Initial resistance is at $1806.90.
· A daily close over $1798 today should be bullish for the rest of the week.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $47.43
Bullish over $46.80 with 48.20 and $49.40 as price target
Bearish below $46.00 with $45.40 and $43.70 as price target
Trading strategy: No call
- Crude oil can rise to $48.60 and $49.40 as long as it trades over $46.50
- Sellers only below $46.50.
COMEX COPPER DECEMBER 2017 – current price $313.70
Bullish over $307.10 with $317.80 and $329.60 as price target
Bearish below $304.90 with $303.70 and $301.80 as price target
Neutral Zone between: $304.90-$307.10
- Copper can rise to $322.50 today as long as it trades over $309.50.
- Sellers will be there only below $309.50.
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: Monday, 4 September 2017 | E-Mail | Print | Source: GoldSeek.com