-- Published: Thursday, 10 September 2015 | Print | Disqus
COMEX FUTURES REPORT
Inability to rise resulted in fall in gold prices. Now gold desperately needs to trade over $1080 to prevent another sell off. Asian demand has to rise and Asian premiums has to start picking up for gold to prevent a fall below $1080. Asian gold prices will not fall by much due to a weaker currency. Firmness in industrial metals saved silver from another big crash.
Incoming US economic gauges suggest a sustained uptick in retail demand, higher retail incomes and continued increase in jobs hiring. Theoretical parameters are right for an interest rate hike by the FOMC next week. However these days economic decisions are made by the central banks on where they want the stock market and bond market over the next few quarters.
Use sharp fall in gold and silver before the FOMC meet (till 16th September, Wednesday) to invest in gold and silver for the short term. In case gold and silver rise after the FOMC meet, then a medium term bottom may have been formed. On interest rates, I expect a firm view and not a hawkish view by the Federal Reserve next week.
NATO politicians have diverted people’s attention to migration issues in the European Union (EU). Under the garb of EU migration and they have loaded the EU with terrorists and taking all kinds of measures to ensure that we all live a state controlled life. When the people of EU realize this, there will be mass uprising. I hope to see this starting around next year September. Gold will get higher safe have demand from the EU over the coming weeks and coming months and could compensate for reduced Asian demand.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER 2015 – current price $1105.80
Bullish over $1103.00 with $1117.10 -$1131.60 as price target
Bearish below $1094.10 with $1087.60-$1074.10 and $1069.90 as price target
Neutral Zone between $1094.10 and $1103
Jobbers aggressive buy over: Buy at $1094 stop loss $1079 for $1117-$1031
Jobbers sell below: I am against selling gold unless it trades below $1100 either in UK session or US session.
·Trade carefully between $1089-$1103 zone. Gold needs to trade over this zone to rise to $1131.
·Key price to watch is $1103.10 and $1111.60
·Remain on the sidelines.
COMEX SILVER DECEMBER 2015 – current price $1458.00
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 $1467 stop loss $1449 for $1481-$1496 and $1515
Jobbers sell below: Selling silver if it trades below $1447 either in UK session or US session stop loss $1461 for $$1412-1398-$1367.
·Silver needs to trade over $1460 rise to $1533-$1633
·There will be another wave of selling only below $1440.
NYMEX CRUDE OIL (1ST CONTRACT)- current price $43.86
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 $44.60 stop loss $43.90 for $47.10 and $49.60
Jobbers sell below: Risky traders sell below $43.70 stop loss $44.30 for $42.20-and $40.70.
·There will be another wave of selling only below $43.00 with $41.90 and $39.70 as key support.
·Jobbers watch $42.40 and $44.10.
COMEX COPPER DECEMBER 2015 – current price $243.15
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
·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 employeeshave 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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