-- Posted Friday, 22 August 2008 | Digg This Article | Source: GoldSeek.com
DAILY COMEX REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Once again it’s the US dollar story for all metals and energies. The difference this time around is that the rise is followed by huge demand in all metals. In my view if the rise in commodities is backed by increase in physical demand then higher prices are sustainable. With every rise the premium on gold and silver bars will fall in Asia.
Yesterday one of my clients went long in comex gold december future at $923 only to exit at $928 making a profit of $5. After booking the profit he immediately went short in gold at $928 only to book a loss at $931. This is one of the dumbest ways of trading. It is these kinds of traders who incur losses and curse the commodity exchanges for their trading losses. The best way to trade is to take a break between two trades, if the first trade is a profitable one. Commodity futures are one of the investing ways where profits and losses can be unlimited. Reduce of greed is the key. For the day traders then should have a target profit in mind. If the target profit is reached one should close their trading screens. If they do not close their trading screens then chances of profit getting reduced or profits converted in losses are higher as risk appetite also increases.
NYMEX CRUDE OIL (1ST CONTRACT)
Crude oil targets $135.80 and $145.60 in the short term as long as $109.80 holds.
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. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Friday, 22 August 2008 | Digg This Article | Source: GoldSeek.com
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