Tuesday, May 01, 2012

2nd May Comex Gold Silver Copper Crude Oil Report tips and trading calls


Insignia Consultants
New Delhi
www.insigniaconsultants.in
Wednesday, May 02, 2012
TIME 08:26 AM   IST
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COMEX DAILY REPORT

Executive Summary
·         Technically gold, silver, copper are in a neutral zone
·         Gold needs to trade over $1656 and silver needs to trade over $3110 to be in bullish zone
·         Be prepared for $20 one way move any time in crude oil
It is a consolidation phase for gold, silver, copper and crude oil before tomorrow European central bank meeting and bank of England meeting and Friday’s US April payrolls. I still expect a surprise 0.25% interest rate cut by the bank of England in order to stave of the double dip recession experienced last quarter. It is interest rate cut expectation from UK and USA that has lifted gold and silver higher. If these die down then be prepared for a short term bear market.
TODAY
Intra day volatility is expected to remain high. We prefer a buy on dips strategy in all commodities with a stop loss below $1649 $3045, $377 and $103.30 for gold, silver, copper and crude oil
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 $1664 for $1669-$1672-$1683 or sell below $1659 for $1656-$1651 and $1646
SILVER JULY 2012: Buy over $3110 for $3145-$3198-$3245 or sell below $3090 for $3075-$3048
COPPER JULY 2012: Buy over $384 for $387.50-$393 or sell below $379.70 for $375.50-$369
NYMEX CRUDE OIL: Buy over $106.20 for $107.20-$109.60 or sell below $104.80 for $103.80-$102.40
COMEX TECHNICAL VIEW
GOLD JUNE 2012 TECHNICAL LEVELS 
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$1,642.80
$1,647.90
$1,657.80
$1,661.00
$1,668.40
$1,668.40
$1,675.30
$1,687.90
SILVER JULY 2012 TECHNICAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$3,001.00
$3,072.00
$3,093.00
$3,110.00
$3,136.00
$3,161.00
$3,205.00
$3,267.50
COPPER JULY 2012 TECHNICAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$360.90
$366.80
$372.90
$377.90
$383.80
$388.30
$395.30
$408.75
CRUDE OIL (1st Contract)
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$103.30
$103.90
$104.40
$105.40
$106.60
$107.20
$108.20
$111.70

COMEX GOLD JUNE 2012 – current price $1659.70
Trading Strategy: Neutral watch $1656
Bullish over $1665.10 with $1683 and $1702 price target
Bearish below $1656 with $1646 and $1628 as price target
Neutral Zone between $1654-$1665.10
Break point: $1665-$1671.50
  • Gold needs to break and trade over $1672 today else it will fall to $1649 and $1631
  • There will be sellers only below $1656
  • Trading call: Buy around $1641 stop loss $1628 for $1669-$1696
COMEX SILVER JULY 2012 – current price $3091
Trading Strategy: neutral watch $3090
Bullish over $3090 with $3155-$3255 as price target
Bearish below $3055 with $3010-$2945 as price target
Neutral Zone between: $3055-$3090
Break point: $3090 and $3165
  • Silver needs to trade over $3090 to target $3200
  • There will be sellers below $3090
  • Trading call: Buy around $3010 stop loss below $2945 for $3196 and $3267
COMEX COPPER JULY 2012 – current price $381
Trading Strategy: Bullish target $389
Bullish over $377 with $386 -$396 as price target
Bearish below $373 with $379.80-$374 as price target
Neutral Zone between: $373-$377
Break point: $383.65
  • Copper targets $387 as long as it trades over $377
  • Sellers will be there only below $377
  • Trading call: Buy around $377 stop loss $372 for $386-$396
NYMEX CRUDE OIL (1ST CONTRACT)  - current price $105.80
Bullish but needs to break $107.20 for further gains
Bullish over $104.80 with $106.70 and $109.70 as price target
Bearish below $103.80 with $102.80 and $101.40 as price target
Break point: $104.80
  • Crude oil needs to break and trade over $107.20 to target $111. Failure to break $107.20 by Friday will result in a fall back to $102.80
  • There will be sellers below $104.80
  • Trading call:  Sell around $107.60 stop loss $109.10 for $105.20-$103.80
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
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