-- Posted Thursday, 2 July 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The US dollar continues to dictate commodities but crude oil fell on a rise on distillate stocks and reduced US consumption of gasoline. Gold rose on speculation that China may ask to start a debate on the US dollar as the world reserve currency and expectations that economic recovery in US and Europe will be choppy. Friday’s close of spot gold and silver will be critical for short term direction. Only a close below $924 and $1348 will result in bearish direction and further losses to $904/$880 and $1220.
The euro should fall either before or after the European central bank meeting. I do not think that will be happy with a stronger currency which reduces export competitiveness. We have a long weekend ahead and traders will prefer to go short on the US dollar and long on commodities before the weekend. I will prefer to use sharp dips in all commodities to go long for Monday today. Short US dollar positions will be based on the ability to hold key supports.
COMEX GOLD AUGUST
A close over $951 will be positive for gold for next week. While a close below $951 will result in $neutral zone. Only a daily close below $924 will result in bearish trend for next week.
DISCLOSURE: NO POSITIONS
This is just an excerpt from the daily report
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 Thursday, 2 July 2009 | Digg This Article | Source: GoldSeek.com
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