Insignia
Consultants
Tuesday,
December 13, 2022
TIME 9:10 AM
IST
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Comex Report for 13th December 2022
·
Trend
after the release of US November consumer price index number at 7:00 pm Indian
Time is the key.
·
A
very low CPI will push gold near $1900 by tomorrow and $25.00 in silver by
tomorrow. (before FOMC meeting.)
·
Crash
or sell off in gold will be there if spot gold does not break $1830 by
tomorrow.
$1760
is the crash point for spot gold. $1830 is the zoom price point for spot gold.
If spot gold has to near $2000 it needs to break and trade over $1830 today,
tomorrow and till Friday. Keep a close watch at $1830. There can be a big sell
off first as well in case spot gold does not break $1830 by Thursday close. But
use the same to go long or invest for the first week of January.
I
will prefer to use all the price crash (if any) till Thursday close to go
invest for the short term in gold, silver, and copper. The only risk to my
bullish view is the federal reserve chairman powell saying that a 0.50%
interest rate hike will be there in January meeting.
Day traders and jobbers have to
remain on the sidelines. There can a sharp correction just before CPI or just
after CPI followed a rise. Most of the traders are long in gold and silver, and
copper. Once again technical resistances have to be broken for the rise to
continue.
Spot Gold:
·
Daily support: $1760.00 and
$1771.80
·
Daily resistance: $1804.90
·
Gold has to trade over $1760.00
to rise to $1826.80 and $1843.50.
·
Gold will crash only if it trades
below $1770.00 after London opens.
·
Gold will also crash if it
does not break $1804.90 today in USA session.
Spot Silver :
·
Daily Support: $22.90
·
Daily Resistance: $23.73 and
$24.60
·
Spot silver has to trade over
$22.90 to rise to $24.18 and $25.01.
·
There will be sell off only if
silver trades below $22.90 after London opens.
COMEX GOLD FEBRURY
2023
·
Key price to watch: $1787.20
·
Gold has to trade over $1787.20
to rise to $1831.90.
·
Crash or sell off will be
there if gold trades below $1787.90.
·
Gold will zoom if it trades
over $ 1811.40 after CPI and till days
close to $1850+.
COMEX SILVER MARCH
2023
·
Key price to watch $2301.0.
·
Silver needs to trade over $2301.00
to rise to $2414.00 and $2520.
·
Crash or sell off if silver
trades below $2301.
|
COMEX
FUTURES DAILY TECHNICAL |
||||
|
|
Gold Feb
23 |
Silver
March 23 |
Copper
March 23 |
Nymex
Crude oil |
|
CMP |
$1,794.55 |
$2,361.00 |
$381.85 |
$74.03 |
|
S5 |
$1,749.75 |
$2,190.00 |
$366.70 |
$66.23 |
|
S4 |
$1,760.50 |
$2,231.04 |
$370.34 |
$68.10 |
|
S3 |
$1,772.15 |
$2,275.50 |
$374.28 |
$70.13 |
|
S2 |
$1,777.44 |
$2,295.68 |
$376.06 |
$71.05 |
|
S1 |
$1,783.98 |
$2,320.64 |
$378.27 |
$72.19 |
|
|
|
|
|
|
|
R1 |
$1,805.12 |
$2,401.36 |
$385.43 |
$75.87 |
|
R2 |
$1,811.66 |
$2,426.32 |
$387.64 |
$77.01 |
|
R3 |
$1,816.95 |
$2,446.50 |
$389.43 |
$77.93 |
|
R4 |
$1,828.60 |
$2,490.96 |
$393.36 |
$79.96 |
|
R5 |
$1,839.35 |
$2,532.00 |
$397.00 |
$81.83 |
|
Breakdown level |
$1,783.35 |
$2,318.25 |
$378.06 |
$72.08 |
|
Breakout Level |
$1,805.75 |
$2,403.75 |
$385.64 |
$75.98 |
|
CMP=
Current price market price |
||||
|
ABOVE
TECHNICALS ARE ONLY FOR REFERENCE |
||||
NYMEX CRUDE OIL (January
2023)
·
Crude oil has to
trade over $72.00 to rise to $76.20 and $78.00.
·
Crash or sell off
if crude oil trades below $2.00.
COMEX COPPER MARCH
2023
·
Copper needs to
trade over $378.20 to rise to $387.60 and $395.20
·
Sellers will be
there if copper trades below $378.20.
CORRELATION – CRUDE OIL
VERSUS GOLD, SILVER, COPPER AND US DOLLAR INDEX
·
In the short term
there is an inverse correlation between crude oil versus gold, silver, copper
and US dollar index.
·
In the long term
correlation will not work (between crude oil with precious metals and base
metals.)
·
Crude oil is the
preferred short term investment avenue among commodities if it is in a bullish
trend (whether intraday basis or weekly basis or monthly basis.)
·
Whenever crude oil
falls, crude oil traders switch to gold, precious metals and base metals. (in
the short term.)
·
One needs to keep a
close watch on short term technical trend of crude oil. It will help in short
term investment decision for other asset class as well.
Disclaimer: Any opinions as to the commentary, market information, and future
direction of prices of specific currencies, metals and commodities reflect the
views o 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. All analyses used herein are subjective
opinions of the author and should not be considered as specific investment
advice. Investors/Traders must consider all relevant risk factors including
their own personal financial situation before trading. Prepared by Chintan
Karnani Website www.insigniaconsultants.in.
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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE
SPECIFED.
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