-- Posted Thursday, 29 October 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Global economic numbers are showing that net incremental growth in the fourth quarter may not match the performance of first three quarters. This has resulted in profit taking in all markets. At the moment the fall in commodities is still profit taking which if it continues till Friday could mark the beginning of a short term bear phase. Fundamentals affecting technical. There were huge short dollar and long commodity positions which is getting reversed. Physical demand of gold and silver in India has picked up. Indian marriage season has started also which will result in demand at lower prices.
We have the Fed meeting next week as well as US October non farm payrolls next week. I do not expect any change in interest rate outlook by the Fed. We could see another round of sell off in the US dollar if the Fed changes the growth outlook to negative. As long as key medium term technical are holding one should use sharp dips in commodities to invest for the long term.
Remain on the sideline and watch the US dollar.
TECHNICAL VIEW
COMEX GOLD DECEMBER
Gold needs to hold/trade over $1029 to prevent another round of selling to $1007 and $997. On the higher side a break of $1047 will result in $1062 and $1069.
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 Thursday, 29 October 2009 | Digg This Article | Source: GoldSeek.com
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