Spot gold has to trade over $2094-$2108-$2113 zone till Wednesday to be in a bullish zone.
Spot Silver has to trade over $25.70 to be in an intraday bullish zone.
LME Copper spot has to trade $8600.00 to continue last week rise this week. One needs to keep a close watch at $8600.00, today and till Friday.
Fears of widening of Israel-Hamas war after an attack on American war ship and a commercial vessel in the red sea is the reason why gold and silver zoomed in early Asian morning or pre Japan opening. Japanese Yen has gained against the US dollar. Spot reached a high of $2148.78. Come gold February reached a new high of $2151.20.
Overnight Monday morning price moves are generally volumes less and is intended to hit trailing stop loss. I am against new buying in spot gold and spot silver unless they break and trade over today high of $2148.78 and $26.30.
Momentum is very bullish. But there can be a sharp correction just before USA opens or just after USA opens. Traders are long in gold and silver on the weekend. They can book profit any time or use trailing stop loss on long positions.
The big question is (i) Will spot gold be able to trade over $2100.00 this week or not. Any high chance of yes will see a massive short term hot money into gold. If no, then a good $70-$80 correction will be there. So watch $2100 all the time. (ii) Spot silver has to trade over $25.00 to attract short term hot money and try and target $30.00. (iii) Comex copper March has to break and trade over previous technical double top around $404.00 in the first three weeks to start another wave of rise. If not, then get ready for a sharp bullish market correction first. (iv) The gold:crudeoil ratio and its trend will also impact either of the price in the short term.
Intraday volatility will be very high. Trade very carefully.
There will be a short covering price rally in case copper and base metals rise after LME opens and till day’s close.
Spot Gold (current market price $2085.80)
Daily support: $2054.00, $2078.00, $2089.40
Daily resistance: $2094.00, $2113.30, $2145.60
Gold needs to trade over $2089.40 to be in an intraday bullish zone and rise to $2115.90 and $2145.60 and more.
Crash or sell off will be there if spot gold does not trade over $2113.60 by tomorrow.
Spot gold will also crash if it trades below $2081.00 after London opens. (between 2:00 pm Indian Time and 9:00 pm Indian Time.)
Spot Silver: (current market price $25.47)
Daily Support: $24.85, $25.18
Daily Resistance: $25.78 and $26.11 and $26.80
Spot silver has to trade over $25.14 to rise to $26.80 and $27.52.
Mild sell off will be there if spot silver trades below $25.14.
|
COMEX FUTURES DAILY TECHNICAL |
||||
|
|
Gold Feb 24 |
Silver March 24 |
Copper March 24 |
Nymex Crude oil |
|
CMP |
$2,085.60 |
$2,589.50 |
$389.60 |
$73.62 |
|
S5 |
$1,985.90 |
$2,452.00 |
$373.60 |
$67.61 |
|
S4 |
$2,009.83 |
$2,485.00 |
$377.44 |
$69.05 |
|
S3 |
$2,035.75 |
$2,520.75 |
$381.60 |
$70.62 |
|
S2 |
$2,047.51 |
$2,536.98 |
$383.49 |
$71.32 |
|
S1 |
$2,062.07 |
$2,557.05 |
$385.82 |
$72.20 |
|
|
|
|
|
|
|
R1 |
$2,109.13 |
$2,621.95 |
$393.38 |
$75.04 |
|
R2 |
$2,123.69 |
$2,642.03 |
$395.71 |
$75.92 |
|
R3 |
$2,135.45 |
$2,658.25 |
$397.60 |
$76.63 |
|
R4 |
$2,161.37 |
$2,694.00 |
$401.76 |
$78.19 |
|
R5 |
$2,185.30 |
$2,727.00 |
$405.60 |
$79.63 |
|
Breakdown level |
$2,060.68 |
$2,555.13 |
$385.60 |
$72.12 |
|
Breakout Level |
$2,110.53 |
$2,623.88 |
$393.60 |
$75.12 |
|
CMP= Current price market price |
||||
|
ABOVE TECHNICALS ARE ONLY FOR REFERENCE |
||||
COMEX GOLD FEBRUARY 2024
Key price to watch: $2115.80
Comex gold February has to trade over $2115.80 to continue Asia Monday morning rise and target $2152.40 and $2174.60.
Mild sell off will be there if gold February trades below $2092.00.
A daily close over $2115.80 today, tomorrow and Wednesday will result in $2174 and $2266 in the short term. (Three continues trading days close over $2115.80 is needed.)
COMEX SILVER MARCH 2024
Key price to watch: $2643.00
100% forward retracement: $2643.00
Silver March has to trade over $2574.00 to rise to $2643.00 and $2711.70.
Mild sell off will be there if silver March trades below $2574.00.
Quick rise will be there if silver March trades over $2608.70 after London opens.
NYMEX CRUDE OIL (January 2024)
Key price to watch: $74.00
Crude oil has to trade over $72.66 till tomorrow to rise to $76.90 and $79.74.
If gold price continues to rise and gold/crude oil ratio continue to rise, then a lot of short term hedges will done using sell crude oil and buy gold strategy. If this type picks up then crude oil will near key medium term support of $69.00 this week.
Mild sell off will be there if crude oil trades below $73.40.
COMEX COPPER MARCH 2024
Key price to watch: $388.60
Copper March has to trade over $388.60 today to be in an intraday bullish zone and rise to $402.20 and more.
Mild sell off will be there if copper March trades below $388.60 after London opens.
LME COPPER CASH (current market price $8573.00)
Copper has to trade over $8537.00 to be in an intraday bullish zone and rise to $8720.00 and more.
Mild sell off will be there if copper trades below $8537.00.
Key US economic data till 14th December 2023
5th December: ISM Non Manufacturing (November)
8th December: Nonfarm payrolls (November)
12th December: Consumer Price Index (November)
13th December: Producer Price Index (November)
13th December: Federal Reserve Meeting or FOMC meeting. (14th December for India, Indonesia and Asian nations).
14th December: Retail Sale (November). (Can be market moving due to black Friday sale impact and cyber Monday sale impact).
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 consider7ed 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.
ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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