Gold, silver and crude oil have risen much more sharply than markets expected at the beginning of 2008. In fact we are also amazed by the pace of the rise. When the Federal Reserve chairman says that the US economy is under shreds and a path to recovery is full of thorns, precious metals are bound to rise. A similar thing happened between September 2005 and May 2006 when spot gold rose from $450 an ounce to $730 an ounce (62% rise). In 2008 the pace of the rise between September 2007 and May 2008 will be double due to a US economic slowdown.
Since the current prices are relatively new, day traders and short term traders have burnt their fingers by going short. We have been receiving telephone calls from different parts in India asking for ways and means to deal with those. These traders committed the blunder of going short in a secular bull market. There is no general answer to these queries, it will be depend on the persons risk taking ability.(Excerpt from the monthly report)
COPPER -- MAY FUTURE -- INTRA DAY PIVOT: $384.0
Copper targets $403 and $423 this week as long as $372 and $362 holds.
NYMEX CRUDE OIL --FUTURE -- INTRA DAY PIVOT: $98.32
Overall Bullish and should rise to $105.10 and $106.80 this week as long as $98.32 holds.
HAPPY PROFITABLE TRADING
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-- Posted Monday, 3 March 2008 | Digg This Article | Source: GoldSeek.com
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