Hardly anything to comment on the markets, as metals benefit from a weaker US dollar and soft equity markets. Some section of the market has started pricing in a 0.75% interest rate cut by the Fed this month. If equity markets continue to fall before the Fed meeting the Fed will definitely deliver a 0.75% interest rate cut. The run up to the Fed meeting will be interesting which will be volatile in all metals unlike February which was more or less one way traffic. Every US economic number before the Fed meeting will be read minutely by the markets.
The Euro has remained firm against the US dollar and the sterling. The prime reason for this is European traders diversifying exports to Asia and other emerging nations as a hedge against a US slowdown which has given good results. However when Asian and other countries slow down due to higher prices and a strong currency the eurozone will slow down and the euro will fall. The pace of the rise of the euro and metals has been on the higher side. When will the law of gravity act on metals remains to be seen, but it will happen sooner than later.
SILVER -- MAYFUTURE -- INTRA DAY PIVOT $1956
For the day silver holds $1980 and $1954 it will attempt to break $2100.0
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 Tuesday, 4 March 2008 | Digg This Article | Source: GoldSeek.com
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