-- Posted Tuesday, 3 November 2009 | Digg This Article | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Position squaring and rebuilding ahead of the major events this week has resulted in commodities trading with a firm bias. We have the Fed meeting, European central bank meeting and Bank of England meeting this week. Medium term investors are buying commodities on dips as global economic numbers show a positive outlook for the months ahead. Unless central banks announce liquidity reduction measures or the global economic outlook is negative commodities as well as equities will continue to rise or remain firm in the medium term and corrections should be used as an investment opportunity.
TECHNICAL VIEW
COMEX GOLD DECEMBER
Gold needs to break $1077-$1082 zone for $1107+. On the lower side only a consolidated fall below $1054 will result in a fresh wave of selling to $1039 and below.
NYMEX CRUDE OIL (1ST CONTRACT)
$78-$78.30 is the key support and a consolidated fall below the same will result in $76.14 and $73.50. On the higher side only a break of $80.40 will result in further gains to $82.60
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 employees have 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, 3 November 2009 | Digg This Article | Source: GoldSeek.com
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