Comex Daily Report : 11th July 2019

By: Admin
2 weeks ago
6228

Insignia Consultants

New Delhi

Thursday, July 11, 2019

TIME 8:11 AM IST                       

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COMEX FUTURES REPORT

Trend for gold and silver is bullish. Interest rate cut towards the end of the month has been confirmed by the Federal Reserve chairman. If gold rises very sharply till Monday, then value based buying in silver should catch and there can be some rise. I am quite confident that silver will break free from the recent consolidation phase by next week. 

 

Tensions in the Persian Gulf can result in higher crude oil prices. Volatility will rise in crude oil. Copper is supported by rising stock markets and a slightly weaker US dollar. 

 

Incoming US economic data releases will impact only if they are on the higher side of the expectation curve. Some say that Federal Reserve is following Trump orders on a weaker currency. I believe that markets/traders are right. The world is nearing a currency war. Brexit clarity has to be there for cable to rise. 

 

HOW TO TRADE TODAY

  1. Gold: Key resistance is at $1428.20.

  2. Silver:  It needs to trade over $1529.80 to be in intraday bullish zone. 

  3. Crude oil key resistance (till tomorrow) is at $61.75. 

 

COMEX/NYMEX TECHNICAL LEVELS

 

GOLD AUGUST 19

SILVER SEPT 19

COPPER  SEPT 19

CRUDE OIL

CMP

$1,424.05

$1,528.30

$268.60

$60.61

S5

$1,378.90

$1,477.10

$260.65

$57.20

S4

$1,386.96

$1,488.02

$262.75

$57.98

S3

$1,395.70

$1,499.85

$265.03

$58.82

S2

$1,399.66

$1,505.22

$266.06

$59.20

S1

$1,404.57

$1,511.86

$267.34

$59.67

 

 

 

 

 

R1

$1,420.43

$1,533.34

$271.47

$61.19

R2

$1,425.34

$1,539.98

$272.74

$61.66

R3

$1,429.30

$1,545.35

$273.78

$62.05

R4

$1,438.04

$1,557.18

$276.05

$62.88

R5

$1,446.10

$1,568.10

$278.15

$63.66

ALL PRICES IN US DOLLAR ABOVE

CMP = Current Market Price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

 

 

COMEX GOLD AUGUST 2019 – current price $1424.05

Bullish over $1411.80 with $1429.30 and $1455.80 as price target

Bearish below $1403 with $1393.90 and $1385.10 as price target.

Neutral Zone between: $1403-$1411.80

Jobbers aggressive buy over: Buy over $1431 stop loss $1419 for $1456 and $1484.

Jobbers aggressive sell below: No call

  • Gold can rise to $1455 by tomorrow as long as it trades over $1411. 

  • Small sell off will be there below $1419.10.

  • Quick rise will be there over $1429.

  • Trend after London will be the key.

COMEX SILVER SEPTEMBER 2019 – current price $1528.30

Bullish over $1500.00 with $1545.00 and $1580.00 as price target

Bearish below $1487.00 with $1470.00 and $1460.00 as price target

Neutral Zone between: $1487.00-$1500.00

Jobbers aggressive buy over: Risk traders buy silver over $1531 stop loss $1517 for $1570.

Jobbers sell below: No call

  • Silver can rise to $1565 and $1610 by next week as long as it trades over $1500. 

  • There can be very sharp two way moves as long as silver does not break $1547.

NYMEX CRUDE OIL (JULY 2019)  - current price $60.61

Bullish over $60.40 with $61.60 and $62.30 as price target

Bearish below $59.10 with $58.10 and $56.80 as price target

Trading strategy: No call

  • Crude oil needs to trade over $60.40 to rise to $61.70 and $63.40. 

  • Watch $60.40. Crude oil can move $3-$3.50 either side anytime from $60.40. 

  • Trend is bullish at the moment. 

COMEX COPPER JULY 2019 – current price $268.60

Bullish over $266.40 with $270.10 and $275.30 as price target

Bearish below $263.90 with $260.90 and $258.70 as price target

Neutral Zone between: $263.90-$266.40

  • Copper needs to trade over $266-$267 zone to rise to $275.70. 

  • Crash will be there below $266.00. 

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. 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. Websitewww.insigniaconsultants.in. 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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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

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