-- Posted Thursday, 3 December 2009 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
What can say about gold as it continues to rise higher and higher. Silver and rest of the commodities are tracking gold and nothing else. Equity markets and the US dollar are more or less unchanged. It seems that the European central bank meeting may not have any significant and long lasting impact on gold and other commodity prices. Crude oil prices have underperformed gold as energy investors seem to have shifted to precious metals. The momentum is certainly bullish and it is not good to go against the momentum. Option related short covering is further supporting gold and other commodities.
We did a small survey of around five hundred equity investors and commodity investors in New Delhi. We had asked them their view on gold prices, most of them replied that they expect physical gold prices in Indian to rise to INR 20,000 in the short term and over INR 22000 in the medium term and that they either have invested in gold or intend to invest in gold on small pullbacks. Investors in New Delhi are very bullish on gold. We will be doing this survey in other cities soon.
TECHNICAL VIEW
COMEX GOLD FEBRUARY
$1223 price target achieved. Gold now targets $1251 and $1277 as long as it trades over $1207. Just be careful going long in gold over $1253 as technical correction can come anytime. Gold prices can fall ten percent in the short term as and when there is a correction.
DISCLOSURE: NO POSITIONS
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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
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-- Posted Thursday, 3 December 2009 | Digg This Article | Source: GoldSeek.com
