The three day Diwali festival begins tomorrow. Indians are celebrating as stocks rise to historical high, salaries are rising at the fastest pace in India and so is the in Indian economy. Indian economy as well as gold is shining bright in the festival of lights. This will continue till next Diwali. I expect the Indian stock markets as well as gold to continue giving returns over thirty percent per anum next Diwali also. Indian stock markets as well as gold's rise is here to stay for atleast the next thirty months. But it will be a highly volatile market and low risk traders will have to increase their appetite.
If the US as well as eurozone economies slows down in 2008, India and china will get affected. They may get affected in a small way but hey will get affected. In this age of convergence, countries are inter dependent for growth. India mainly provides services to the US while china is into manufacturing. If India and China slowdown mildy, base metals will fall.
Base metal traders use higher stop losses. Copper, zinc, nickel and lead will be highly volatile.
COPPER -- DECEMBER
Still not out of the woods and needs to hold $326 to prevent a fall to $316. On the higher side it needs to break $346 to be in short term bullish zone.
NYMEX CRUDE OIL --FUTURE
Still within striking distance from $100 and can break $100 as long as $89 holds.
HAPPY PROFITABLE TRADING
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-- Posted Tuesday, 6 November 2007 | Digg This Article | Source: GoldSeek.com
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