Precious metals and energies continue to follow the US dollar story and nothing else. The European central bank chief has explicitly stated they will not lower interest rates which acted as fodder to the euro’s gains against the US dollar. Unless the Eurozone growth shows sign of slowing down the ECB may not cut interest rates. It’s once again back to square one which is the tolerance level of the Euro/Usd which could be at 1.62 or 1.65. After yesterdays comments I do not think the ECB will intervene at 1.60. For the US dollar to gain the US economy has to show signs of bottoming out. Till then punters will continue to thrash the US dollar. Other central banks are not going to say anything as their focus is on managing inflation.
Crude oil and energies, I am not a bull before $90 and will not give a buying strategy even if crude oil tests $125. Crude oil will continue to be a US dollar story. Base metals will remain volatile and caught between investors and global liquidity.
COPPER -- MAY FUTURE
Copper targets $385 once again if $355 and $347 holds.
NYMEX CRUDE OIL --FUTURE
Crude oil has to hold $103.60 and $106 for $111.20 and $113.60
HAPPY PROFITABLE TRADING
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-- Posted Thursday, 27 March 2008 | Digg This Article | Source: GoldSeek.com
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