-- Posted Monday, 6 July 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Investors are nervous over the state of the global economy. They are a divided unit. Some believe that the global economy has bottomed out and that it should rise while other believe that since global unemployment rates are rising, consumer spending as well as global growth rates will not rise as much. This is one of the reasons for the short term directionless trend in commodities as well as the currency markets. If this uncertainty continues then gold and silver will benefit from the same. Investment demand and not jewelry/industrial sector demand will be the key to gold and silver’s short term direction. The long term bull trend is intact in both of them.
Base metals and energies will track stock prices and the US dollar. Expectations that China, India and other emerging nations will grow at a healthy pace is preventing prices from a major crash. Continued increases in global liquidity are also preventing base metals and energies from a major crash. Base metals and energies will be caught between short term bears and long term bulls this week. An ideal week for day traders and jobbers in these commodities.
TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT)
The $60-$63 zone is the key support and as long as this zone holds there is every possibility of $72 once again.Intra day we prefer to buy only on a consolidated break of $66.50.
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 Monday, 6 July 2009 | Digg This Article | Source: GoldSeek.com
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