Comex Futures Report : 23rd August 2019

Insignia Consultants

New Delhi

Friday, August 23, 2019

TIME 8:23 AM IST                       

 -------------------------------------------------------------------------------------------------------------------------------------------

COMEX FUTURES REPORT

I do not think, there will be any surprises in Jackson hole conference. Central banks are just cutting interest rates as a fall out of the US/Trump induced trade war. Yesterday Indonesian central bank cut interest rates for a second consecutive month.

 

Be prepared for big one way moves in gold and silver anytime either today or Monday. Silver and copper September futures are expiring next week.

 

 HOW TO TRADE TODAY

  1. Gold: Crash will be there below $1498.10.
  2. Silver needs to trade over $1480 to be in bullish zone.
  3. Crude oil needs to trade over $55.00 to be in bullish zone.
  4. Copper needs to trade over $252 to prevent a crash.

 

COMEX/NYMEX TECHNICAL LEVELS

 

GOLD DEC 19

SILVER SEPT 19

COPPER  SEPT 19

CRUDE OIL

CMP

$1,504.95

$1,700.30

$255.60

$55.45

S5

$1,472.00

$1,637.00

$246.35

$53.06

S4

$1,480.76

$1,653.08

$248.61

$53.61

S3

$1,490.25

$1,670.50

$251.05

$54.21

S2

$1,494.56

$1,678.41

$252.16

$54.48

S1

$1,499.89

$1,688.19

$253.53

$54.81

 

 

 

 

 

R1

$1,517.11

$1,719.81

$257.97

$55.89

R2

$1,522.44

$1,729.59

$259.34

$56.22

R3

$1,526.75

$1,737.50

$260.45

$56.50

R4

$1,536.24

$1,754.92

$262.89

$57.09

R5

$1,545.00

$1,771.00

$265.15

$57.64

ALL PRICES IN US DOLLAR ABOVE

CMP = Current Market Price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

 

 

COMEX GOLD DECEMBER 2019 – current price $1504.95

Bullish over $1509.20 with $1528.60 and $1548.90 as price target

Bearish below $1501.30 with $1488.90 and $1474.50 as price target.

Neutral Zone between: $1501.70-$1509.20

Small sell off below: $1499.10

Quick rise over: $1513.60

Jobbers aggressive buy over: No call

Jobbers aggressive sell below: No call

  • Crash will be there below $1495 OR in case gold does not break $1523.
  • Watch $1500. Gold can move $15 either side anytime from $1500.
  • There can be very sharp two way moves today.

COMEX SILVER SEPTEMBER 2019 – current price $1700.30

Bullish over $1700.00 with $1737.00 and $1770.00 as price target

Bearish below $1680.00 with $1668.50 and $1637.70 as price target

Neutral Zone between: $1680.00-$1710.00

Jobbers aggressive buy over: Buy at $1660 stop loss $1620.50 for $1770 – call till tomorrow.

Jobbers sell below: No call

Small sell off below: $1695.00

Quick rise over: $1720.00

  • Silver needs to trade over $1670-$1680 zone to be in bullish zone and rise to $1750.
  • Crash will be there below $1670.
  • SILVER WILL BREAK FREE FROM RECENT $1680-$1730 WIDER TRADING RANGE AND FORM A NEW RANGE.

NYMEX CRUDE OIL (JULY 2019)  - current price $55.45

Bullish over $55.00 with $57.20 and $58.60 as price target

Bearish below $54.90 with $54.00 and $53.40 as price target

Trading strategy: No call

  • Crude oil needs to trade over $55.00 to rise to $58.20.
  • Crash will be there below $55.00.
  • Remain on the sidelines at current price.

COMEX COPPER JULY 2019 – current price $255.60

Bullish over $258.00 with $261.90 and $265.00 as price target

Bearish below $256.50 with $253.00 and $250.30 as price target

Neutral Zone between: $256.50-$258.90

  • Copper needs trade over $254 to rise to $259 and $263.
  • Small sell off will be there below $255.00.
  • A daily close below $253 today should be very bearish for next week for copper.

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.

Insignia Consultants does not have any branches in India.

Insignia Consultants does not have any marketing agents in any city in India.

NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

Follow us on Twitter @insigniaconsul1

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

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: telegram/whatsapp 9311139549

              (10:30 am to 5:30 pm Indian time, Monday to Friday)