COMEX FUTURES REPORT - Happy Kali Puja
Gold and silver should break free from the recent consolidation phase and form a new range. Copper and crude oil will be very volatile. I prefer to stay away from intraday trades in crude oil. No one knows what will be the effect on crude prices due to Iran sanctions. Risk traders should invest in crude oil for the year end with a stop loss below $58.30.
Today is the last day for big gold demand for most parts of India. South India, west Bengal, Orissa and Assam celebrate Diwali today. Gold demand will be there in North India and North West India till tomorrow. Silver demand in India will also fall from tomorrow for a week thereafter demand will rise.
Diwali investing calls
I prefer to invest in long term selected Indian stocks and silver for 2019 Diwali. If the right stock is selected a return over fifty percent can be easily achieved in less than a year. I expect silver to return over twenty percent by 2019 Diwali. Spot gold should give a return of minimum twenty percent by 2019 Diwali. Indian physical gold could give a return between twelve percent to eighteen percent by 2019 diwali.
HOW TO TRADE TODAY
? Rise of gold, silver and copper will be dependent on a break of key technical resistances.
? Gold needs to trade over $1226 to be in a bullish zone.
? Copper will zoom if it manages to break and trade over $278.
? Watch $63.00 in crude oil. Crude oil can move $3 either side anytime from $63.00.
COMEX/NYMEX TECHNICAL LEVELS | ||||
| GOLD DECEMBER 18 | SILVER DEC 18 | COPPER DEC 18 | CRUDE OIL |
CMP | $1,233.00 | $1,464.50 | $276.00 | $62.95 |
S5 | $1,221.40 | $1,432.20 | $263.45 | $58.62 |
S4 | $1,224.02 | $1,440.00 | $266.37 | $59.70 |
S3 | $1,226.85 | $1,448.45 | $269.53 | $60.86 |
S2 | $1,228.14 | $1,452.29 | $270.96 | $61.39 |
S1 | $1,229.73 | $1,457.03 | $272.73 | $62.04 |
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R1 | $1,234.87 | $1,472.37 | $278.47 | $64.16 |
R2 | $1,236.46 | $1,477.12 | $280.24 | $64.81 |
R3 | $1,237.75 | $1,480.95 | $281.68 | $65.34 |
R4 | $1,240.58 | $1,489.40 | $284.83 | $66.50 |
R5 | $1,243.20 | $1,497.20 | $287.75 | $67.58 |
ALL PRICES IN US DOLLAR ABOVE | ||||
CMP = Current Market Price | ||||
ABOVE TECHNICALS ARE ONLY FOR REFERENCE | ||||
COMEX GOLD DECEMBER 2018 - current price $1233.00
Bullish over $1230.10 with $1242.20 and $1248.90 as price target
Bearish below $1226.10 with $1221.70 and $1210.70 as price target
Neutral Zone between: $1226.10-$1230.10
Jobbers aggressive buy over: No call
Jobbers aggressive sell below: No call
? Gold needs to fall below $1228 or break and trade over $1242.10 for direction.
? Better to remain on the sidelines today.
COMEX SILVER DECEMBER 2018 - current price $1464.50
Bullish over $1470.00 with $1492.00 and $1509.50 as price target
Bearish below $1459.00 with $1448.50 and $1436.00 as price target
Neutral Zone between: $1459.00-$1457000
Jobbers aggressive buy over: Buy at $1440 stop loss $1419 for $1496
Jobbers sell below: No call
? Silver needs to trade over $1470 to ensure that there are buyers.
? Small sell off will be there below $1460.
? Quick rise will be there over $1470.
? Better to remain on the sidelines.
NYMEX CRUDE OIL (SEPTEMBER) - current price $62.95
Bullish over $62.10 with $65.30 and $67.10 as price target
Bearish below $61.10 with $60.10 and $59.40 as price target
Trading strategy: No call
? Crude oil has to trade over $62.00 to rise to $65.30 and more.
? Small sell off will be there below $62.10.
? Quick rise will be there if crude oil trades over $63.20.
COMEX COPPER DECEMBER 2018 - current price $276.00
Bullish over $274.30 with $283.20 and $290.50 as price target
Bearish below $272.30 with $269.40 and $266.80 as price target
Neutral Zone between: $272.30-$274.30.
? Copper needs to trade over $274 to rise to $283 and $290.
? Small sell off will be there below $274.
? There can be very sharp two moves in copper today and till Wednesday.
HAPPY PROFITABLE TRADING
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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