-- Published: Wednesday, 9 September 2015 | Print | Disqus
COMEX FUTURES REPORT
Copper zoomed yesterday. Industrial metals can rise five percent in the short term if they are able to trade over current prices. Silver will benefit from the rise in industrial metals. Apart from the FOMC meet, Indian gold demand could be slightly below expectations. Urban gold demand could fall if the Indian stock market continues to fall and the rupee weakens further. Rural demand is already under pressure as near drought conditions exist in most parts of India.
Gold prices are going through a very crucial two week period. Either they rise and trade over $1154 or crash to $1071 and $1019. The good news for gold is that European central banks have started withdrawing their gold from the Federal Reserve. This will provide long term support. In the immediate term, gold bulls go through a nervous two week period. Better to remain on the sidelines.
I will still prefer the next two weeks fall (if any) in silver to invest for the medium term. Silver will see another wave of sell off in case it does not break $1630 in the next two weeks. Inability to break past $1630 in the next two weeks will create renewed higher short positions. Unlike gold, Indian retail silver demand will rise/remain firm irrespective of the direction of the Indian economy.
The United Nations (UN) says that around a million migrants will resettle to Europe from the Middle East this year and next year. The Middle East migrants will create the next big population explosion. Under the current global scenario, among all of the religions, the followers of Islam have the maximum population growth. Most of the migrants to Europe are followers of Islam. Europe is no China which will restrict population growth of its citizens. The continued rise in Islamic migrants to Europe could act as a reason to start another gold bull run.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1123.70
Bullish over $1127.10 with $1136.80 -$1143.60 and $1153.70 as price target
Bearish below $1121.10 with $1114.30-$1109.60 and $1103.90 as price target
Neutral Zone between $1121.00-$1123.00
Jobbers aggressive buy over: Buy at $1103 stop loss $1094 for $1031
Jobbers sell below: Selling only if gold trades below $1119 stop loss $1123.10 for $1116.10-$1112.20 and $1102.90
- Gold needs to trade over $1110 today to rise to $1131 and $1147.
- Key price to watch is $1117.60 and $1128.30
- Remain on the sidelines.
COMEX SILVER DECEMBER 2015 – current price $1487.00
Bullish over $1447 with $1507-$1533 and $1596 as price target
Bearish below $1427 with $1409-$1388 and $1367 as price target
Neutral Zone between: $1427 and $1447
Jobbers aggressive buy over: Buy if and only if silver trades over $1493 stop loss $1467 for $1510-$1536 and $1571
Jobbers sell below: Selling silver if it trades below $1447 either in the UK session or the US session stop loss $1461 for $$1412-1398-$1367.
- Silver needs to trade over $1460 rise to $1533-$1633
- There will be buyers on dips as long as silver trades over $1440.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $46.21
Bullish over $44.50 with $47.40 and $49.80 as price target
Bearish below $43.30 with $42.30 and $40.60 as price target
Jobbers buy over: buy over $46.40 stop loss $45.60 for $48.70 and $51.20
Jobbers sell below: Risky traders sell below $43.70 stop loss $44.30 for $42.20-and $40.70.
- Crude oil needs to trade over $45.20 today to rise to $49 and $51.
- There will be sellers only below $45.20 today.
COMEX COPPER DECEMBER 2015 – current price $245.25
Bullish over $239.60 with $249.90 and $254.10 as price target
Bearish below $236.10 with $232.20-$227.60 as price target
Neutral Zone between: $236.10 and $239.60
- $243 price target achieved. Copper now needs to break and trade over $249 to rise to $263 and $291.
- Jobbers watch $241 and $247.10 all the time.
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 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm 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.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Wednesday, 9 September 2015 | E-Mail | Print | Source: GoldSeek.com
