-- Posted Friday, 9 October 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The direct correlation between commodities and the US dollar continues. The US dollar gained after Fed chairman Bernanke said that the central bank will be prepared to tighten monetary policy when the outlook for the economy “has improved sufficiently.” Markets will now be repricing for an earlier interest rate hike by the Fed may be before the end of first quarter of 2010. All the commodities have had a great week. There can be a further correction in gold, silver and copper on profit taking. Over bought conditions exist in gold and silver and those corrections will be part and parcel of a long term bull rally. I am not an investor in gold and silver at the current prices and would rather prefer to wait for a correction and then invest.
Chinese markets have opened and so far there seems to lack of buyers at current prices which has dragged down all base metals.
TECHNICAL VIEW
COMEX GOLD DECEMBER
Gold needs to break the $1062-$1077 zone by next week else there will be a correction to $1021 and $1004. Intra day we prefer to buy only on a consolidated break of $1064.
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
For further clarifications on this report call 91-9312335649 (Mr.Chintan Karnani)
-- Posted Friday, 9 October 2009 | Digg This Article | Source: GoldSeek.com
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