-- Posted Friday, 12 March 2010 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
A weaker US dollar and higher stock markets have resulted in gold and silver paring all their losses. The US retail sales number will be the key driver for the greenback as well as the stocks. US retail sale numbers should beat street expectations. Today’s closing will set the direction for the rest of the month but I remain bullish in copper, silver and crude oil on an overall basis for the rest of the month and any ten percent dip (if any) should be used as an long term investment opportunity. Gold will find it hard to fall below five percent from the current prices in the short term.
INTRA DAY TRADING STRATEGY
A lower close today can set the tone for another round of thrashing in all commodities next week. We prefer to remain on the sidelines today.
TECHNICAL VIEW
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $80.53 with $82.80 and $85.20 as price target
Bearish below $79.50 with $78.20 and $76.20 as price target
Neutral Zone between $79.50 and $80.50
Failure to break $84 by Friday can result in fall to $78.80 and $75.30.
MCX CRUDE OIL
Crude oil targets Rs.4007 in the short term on a break Rs.3797. Till next week Rs.3653 is the key support and fresh wave of selling will be there only if crude oil remains below Rs.3653.
DISCLOSURE: NO POSITIONS
THIS IS JUST AN EXCERPT OF THE DAILY REPORT. FOR SUBSCRIPTION CALL 9811139549
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
Yahoo chat: chintan342@yahoo.co.in
You can also mail your queries at chintan@insigniaindia.com
-- Posted Friday, 12 March 2010 | Digg This Article | Source: GoldSeek.com
