-- Posted Wednesday, 6 May 2009 | Digg This Article | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Profit taking and subsequent position squaring and rebuilding before the results of the US bank stress tests, the European central bank meeting, and the US April payroll number has resulted in gold, base metals and crude oil falling from the highs yesterday. Expect higher volatility in them as the week progresses. Gold was seen tracking the US dollar for the first time this year and may track the greenback today also.
The next three days are very crucial for stocks as well as commodities. Friday’s close will set the direction for the rest of the month.
TECHNICAL VIEW
COMEX COPPER JULY
200day MA at $215.10 is the key resistance with $202.20 and $196 as the supports. A consolidated break of $215.10 will result in $223 and $232.0
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 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 Wednesday, 6 May 2009 | Digg This Article | Source: GoldSeek.com
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