COMEX FUTURES REPORT
A slowdown in china can result in losses for industrial metals and gains for gold. Gold will be the safe haven in China. The Chinese cutting the reserve ratio of banks is an indication that a slowdown is in the offing. Industrial metals are bullish in the long term on supply issues. Indian gold prices are at a record high. Indian gold demand from tomorrow will be way below expectation during the nine day very auspicious navratra period which begins from tomorrow. Gold prices in India need to come down for the jewelers to be happy. Aggressive buying in India will be not be there in gold. Silver demand is there and will continue to good as long as prices are over Rs.37000 per kilogram.
Just remain on the sidelines in today. Less than a month for the US senate elections to be over. Financial markets will be weary for Trump and his surprises.
HOW TO TRADE TODAY
? Gold needs to trade over $1198 to be in bullish zone.
? Silver needs to trade over $1446 to prevent a sell off.
? Copper will crash if it trades below $273 after London opens.
? Crude oil will crash if it trades below $73.00.
COMEX/NYMEX TECHNICAL LEVELS | ||||
| GOLD DECEMBER 18 | SILVER DEC 18 | COPPER DEC 18 | CRUDE OIL |
CMP | $1,199.70 | $1,451.00 | $275.30 | $73.71 |
S5 | $1,181.40 | $1,419.60 | $264.00 | $70.20 |
S4 | $1,187.21 | $1,426.10 | $266.95 | $71.70 |
S3 | $1,193.50 | $1,438.40 | $270.15 | $72.30 |
S2 | $1,196.36 | $1,444.70 | $271.60 | $73.10 |
S1 | $1,198.10 | $1,448.60 | $273.40 | $73.30 |
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R1 | $1,203.80 | $1,464.80 | $279.20 | $74.96 |
R2 | $1,207.60 | $1,471.10 | $281.00 | $75.35 |
R3 | $1,211.31 | $1,478.15 | $282.45 | $75.66 |
R4 | $1,214.84 | $1,485.04 | $285.65 | $76.35 |
R5 | $1,217.70 | $1,491.40 | $288.60 | $76.98 |
ALL PRICES IN US DOLLAR ABOVE | ||||
CMP = Current Market Price | ||||
ABOVE TECHNICALS ARE ONLY FOR REFERENCE | ||||
COMEX GOLD DECEMBER 2018 - current price $1199.70
Bullish over $1200.10 with $1207.60 and $1214.80 as price target
Bearish below $1196.10 with $1193.20 and $1188.10 as price target
Neutral Zone between: $1196.10-$1200.10
Jobbers aggressive buy over: Buy at $1188 stop loss $1178.10 for $1214.60 - call till Wednesday
Jobbers aggressive sell below: Sell at $1199 stop loss $1206.10 for $1193.60 and $1189.10 (high risk call)
? Small sell off will be there below $1199.00
? Crash will be there below $1193.10
? Trend is neutral.
? Anything can happen zone is between $1193-$1199.
COMEX SILVER DECEMBER 2018 - current price $1451.00
Bullish over $1460.50 with $1480.50 and $1502 as price target
Bearish below $1446.50 with $1439.00 and $1419.50 as price target
Neutral Zone between: $1446.50-$1460.50
Jobbers aggressive buy over: Buy at $1420 strict stop loss $1388 for $1496 (call till tomorrow)
Jobbers sell below: Sell silver only if it trades below $1446 with some stop loss.
? Small sell off will be there below $1446.
? Crash will be there if silver does not break $1464 today.
? Corrections upto $1426-$1433 zone (if any) are a part of the bull trend.
NYMEX CRUDE OIL (SEPTEMBER) - current price $73.71
Bullish over $73.70 with $75.20 and $78.90 as price target
Bearish below $72.90 with $71.90 and $70.20 as price target
Trading strategy: Sell at $73.70 stop loss $75.20 for $70.60
? Small sell off will be there below $73.40.
? Crash will be there below $72.60.
? Low risk trader remain on the sidelines.
? Crude oil can move $3.60 anytime from $73.00 as base price.
COMEX COPPER DECEMBER 2018 - current price $275.30
Bullish over $275.10 with $280.20 and $285.60 as price target
Bearish below $273.20 with $269.80 and $265.40 as price target
Neutral Zone between: $273.20-$275.10.
? Crash will be there only below $273.10 to $269.80 and $263.20.
? Remain on the sidelines till tomorrow Asian session.
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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