-- Posted Monday, 12 January 2009 | Digg This Article | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Gold and silver have started the week on steady note while copper has risen. There is lack of major market moving news at the moment. The Israel – Hamas tension has not affected any of the commodities. This week we have the European central bank meeting where interest rates may be cut by a quarter of a percentage. It will be technical trade and gold and silver should break free from the recent consolidation phase.
Technically gold, silver and copper are in a bullish zone while crude oil is in a neutral zone. Better to remain on the sidelines today.
COMEX COPPER MARCH
$155 is the bullish point. Copper is bullish over $155 and bearish below $155 for $143. As long as copper holds $155 it will target $163 and $169.
NYMEX CRUDE OIL (1ST CONTRACT)
Crude oil needs to hold $39 to target $44 once again while a fall below $39 will result in $36.
DISCLOSURE: NO POSITIONS
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 Monday, 12 January 2009 | Digg This Article | Source: GoldSeek.com
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