Asian Metals Market Update for 23rd September, 2008
By: Chintan Karnani, Insignia Consultants
-- Posted Tuesday, 23 September 2008 | Digg This Article | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It’s the US dollar story for commodities. As long as the US dollar weakens commodities will remain firm. There are concerns that the Federal reserve funding virtually bankrupt companies in US will result in US deficits ballooning.This will be known only after a gap of two to three months. Till then uncertainty will prevail. Due to lack of major market moving news the market focus is on US deficits. Commodities will fall and US dollar will gain as and when market some other news arrives so as switch focus from away from US economy.
TODAY
We prefer to remain on the sidelines and buy on sharp dips as well as sell on a rise. Technically gold, silver, copper and crude oil are bullish.
NYMEX CRUDE OIL (1ST CONTRACT)
Intra day sellers will emerge only on a consolidated fall below $106 for $103.80 and $99.20. On the higher side $112 and $116.80 are the key resistances.
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 employeeshave 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 Tuesday, 23 September 2008 | Digg This Article | Source: GoldSeek.com
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