-- Posted Tuesday, 28 July 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It’s just a consolidation phase in metals and energies before the next move. Major currencies are against the threshold against the US dollar and need to break key technical resistances for gains. Euro/usd will not find it easy to break 1.4350-1.4480 zone in short term and a break of the same will result in 1.4808 and 1.4952. Gold for the time being will be linked to the US dollar (although not all the time). Energies are looking positive while the rally in base metals looks overstretched. In my view base metals should fall first and then rise. The correction in base metals if it does not happen this week will definitely happen next week.
Technically all metals and energies are looking bullish (subject to breaking of key technical resistances). There could be month end profit taking and position rebuilding as the week comes to a close. Markets are looking forward to more news for further direction. At the moment the global economy is shows signs of a sustained revival.
TECHNICAL VIEW
COMEX COPPER SEPTEMBER
Copper targets $259 and $268 as long as $243-$248 zone holds.
NYMEX CRUDE OIL (1ST CONTRACT)
Crude oil needs to hold $67.20 for further gains and failure to hold the same will result in fall to $64.90 and $63.20
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 Tuesday, 28 July 2009 | Digg This Article | Source: GoldSeek.com
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