-- Posted Monday, 30 March 2009 | Digg This Article | Source: GoldSeek.com
DAILY COMEX REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
This week is the beginning of a new quarter. We have the US March payrolls on Friday, bank of England meeting and European central bank meeting over the next ten days. These could dictate the markets. Equities, base metals and energies rallied from the lows in the first quarter on expectations that global growth rates may have bottomed out and the futures outlook is positive. The second quarter will be action time. If global figures disappoint then there will be another wave of selling in equities, base metals and energies. If they surprise then on should expect fifteen to twenty gains in base metals, energies and equities in the second quarter. It’s too early for bulls to rejoice.
Technically gold and silver are in a neutral to bearish zone and they have to break key resistances to edge higher. There will be a clash between medium term bulls and short term bears in gold and silver this week. Base metals and energies are in a bullish zone. However there can be a technical correction in them before the next leg higher.
COMEX COPPER MAY
Copper needs to hold $179 to target $199 and $210 by next week.
NYMEX CRUDE OIL (1ST CONTRACT)
$46.50 is the key support. As long as crude oil holds $46.50 on daily closing basis crude oil will target $60.
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, 30 March 2009 | Digg This Article | Source: GoldSeek.com
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