Insignia Consultants
TIME 07:10 AM IST
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COMEX DAILY REPORT
Executive Summary
·
All eyes on the Federal reserve
meeting
·
Gold and silver may have bottomed
out yesterday.
·
Be prepared for big moves in gold,
silver and crude oil
Silver
Silver holdings in exchange-traded
products slumped by $626.9 million as prices traded near a three-month low and
exchange stockpiles climbed, underscoring concern a global economic slowdown
may curb demand. Silver ETP holdings, which dropped 4.5 percent in 2011, were
17,017.9 tons on 23rd April.
Our view: This is just short term
which may last for a few weeks and to a quarter. One should use this quarters
fall in silver (if any) to invest for a period of three years. I expect silver
prices to test $90.00 in 2014. Silver prices may rise in a very big way in 2012
and 2013 but in 2014 I expect silver to be the best performing commodity. One
can also invest in 2014 silver call options.
TODAY
Any comments of further liquidity
boosting measure by the Federal Reserve will result in all commodities rising
by fifteen percent over the coming weeks and months.
COMEX BUY ABOVE/SELL BELOW CALLS – ONLY FOR THOSE TRADERS WHO
TRADE ON TRADING SCREENS
(To be done on which ever trading call is executed first)
GOLD JUNE 2012: Buy
over $1644 for $1649-$1654-$1666 or sell below $1638 for $1635.70-$1631 and $1619
SILVER MAY 2012: Buy
over $3090 for $3110-$3148-$3198 or sell below $3045 for $3015-$2980-$2915
COPPER MAY 2012: Buy
over $367 for $370.50-$377 or sell below $362 for $359.50-$357
NYMEX CRUDE OIL: Buy
over $103.90 for $104.60-$105.60 or sell below $103.30 for $102.90-$101.80
COMEX
TECHNICAL VIEW
|
GOLD JUNE 2012 TECHNICAL LEVELS
|
|||||||
|
SUPPORT
|
RESISTANCE
|
||||||
|
S1
|
S2
|
S3
|
S4
|
R1
|
R2
|
R3
|
R4
|
|
$1,608.00
|
$1,617.75
|
$1,623.60
|
$1,632.10
|
$1,639.40
|
$1,649.20
|
$1,657.70
|
$1,668.30
|
|
SILVER MAY 2012 TECHNICAL LEVELS
|
|||||||
|
SUPPORT
|
RESISTANCE
|
||||||
|
S1
|
S2
|
S3
|
S4
|
R1
|
R2
|
R3
|
R4
|
|
$2,845.00
|
$2,911.00
|
$3,005.00
|
$3,055.00
|
$3,090.00
|
$3,115.00
|
$3,148.00
|
$3,248.00
|
|
COPPER MAY 2012 TECHNICAL LEVELS
|
|||||||
|
`
|
RESISTANCE
|
||||||
|
S1
|
S2
|
S3
|
S4
|
R1
|
R2
|
R3
|
R4
|
|
$355.50
|
$358.30
|
$360.70
|
$362.30
|
$368.40
|
$371.10
|
$374.50
|
$381.30
|
|
CRUDE OIL (1st Contract)
|
|||||||
|
SUPPORT
|
RESISTANCE
|
||||||
|
S1
|
S2
|
S3
|
S4
|
R1
|
R2
|
R3
|
R4
|
|
$101.30
|
$102.00
|
$102.70
|
$103.20
|
$104.10
|
$104.80
|
$105.20
|
$106.40
|
COMEX GOLD JUNE 2012 – current price $1642.10
Trading Strategy: neutral watch $1635.80
Bullish over $1637.10 with $1649 and $1662 price target
Bearish below $1632.10 with $1623.40 and $1611 as price
target
Neutral Zone between
$1632-$1637
Break point: $1649
- Gold targets $1662 as long as it trades over $1621-$1625 zone
- There will be sellers only below $1632
- Trading call: Buy around $1630-$1632 zone stop
loss below $1618 for $1662-$1692 – call for tomorrow
COMEX SILVER MAY 2012 – current price $3079.50
Trading Strategy: Key long term support is at $3045
Bullish over $3090 with $3155-$3255 as price target
Bearish below $3045 with $3005-$2910 as price target
Neutral Zone between:
$3045-$3060
Break point: $3055 and $3090
- $3045 is the key long term support and silver can rise to $3200-$3300 as long as it trades over $3045. There will be a technical break down only below $3090
- Trading call: Buy around $3005 stop loss below $2880 for $3210-$3330 – call for tomorrow
COMEX COPPER MAY 2012 – current price $366.85
Trading Strategy: Bullish target $381
Bullish over $363 with $371 -$381 as price target
Bearish below $359 with $355.80-$343 as price target
Neutral Zone between:
$359-$363
Break point: $364.10
- Copper targets $369 and $376 this week as long as it trades over $361
- There will be buyers on dips as long as copper trades over $361
- Trading
call: Buy around $363 stop loss below $359 for $371-$380
NYMEX CRUDE OIL (1ST CONTRACT) - current price $103.68
Neutral watch $103.20
Bullish over $103.30 with $105.20 and $107.70 as price
target
Bearish below $102.20 with $100.80 and $99.40 as price
target
Break point: $104.30
- Crude oil needs to trade over $103.30 to target $105.20-$107
- There will be sellers below $103.30
- Trading
call: Sell around $105.10 stop loss
over $106.40 for $102.20-$101.60
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.
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.
Happy
profitable trading
NOTES
TO THE ABOVE REPORT
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
Customer care:
9311139549
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