-- Posted Tuesday, 9 March 2010 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It’s been a steady opening to the week. Friday’s US February payroll numbers suggest that growth in the US is here to stay and that will only rise with the passage of each month. A stronger US dollar has increased US exports and also increased corporate earning in the US of US based companies. Profits from overseas operations of US based companies have decreased as a result of a stronger US dollar. This will result in further gains for the greenback in the medium term. In the short term the US dollar can weaken on profit taking.
Support for the euro from different quarters
Former Federal Reserve Chairman Paul Volcker said European officials are lucky that the euro region’s first major crisis was sparked by one of its smaller members and he’s confident the currency will survive.
French President Nicolas Sarkozy said the euro region is ready to rescue Greece should the government struggle to fund its budget deficit, arguing that the country is “under attack” from so-called speculators.
The euro can rise in the short term. But gains will be dependent on the ability to break 1.40 against the dollar.
TECHNICAL VIEW
COMEX COPPER MAY
Bullish over $339.60 with $346.40 and $354.0 as price target
Bearish below $333 with $329 and $323 as price target
Neutral Zone between: $333 and $339.60
Support: $339.60 and $328.10
Resistance: $347.10 and $354.10
Copper has to break $343 today for $351. We expect copper prices to rise to $359 and $371 in the short term if we close over $343 today. A fresh wave of selling will be there below $339 only.
MCX NATURAL GAS MARCH
There is a technical congestion between 194-201 and as long as this zone holds there is every possibility of it rising to 238. A fresh wave of selling will be there below 194 in the short term. Intra day natural gas is bearish below 215.
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
For further clarifications on this report call 91-9312335649 (Mr. Chintan Karnani)
Yahoo chat: chintan342@yahoo.co.in
You can also mail your queries at chintan@insigniaindia.com
-- Posted Tuesday, 9 March 2010 | Digg This Article | Source: GoldSeek.com
