-- Posted Tuesday, 6 April 2010 | Digg This Article | | Source: GoldSeek.com
The euro has fallen amid concerns that Greece and other European nations will struggle to raise funds to repay maturing debt. Sovereign debt default concerns in the eurozone will remain for the time being. In the short term the euro will find sellers on the rise and on higher long US dollar positions. The Bank of Japan will raise assessment of the Japanese economy. Most of the regions across the globe are on a higher growth trajectory which can result in further gains for base metals. However net long positions in base metals are near a two month high which can result in a small correction due to profit taking. In my view sharp corrections in all base metals are a part and parcel of a medium term bull rally and should be used as an investment opportunity.
Stable global interest rates in this second quarter along with higher global economic growth should result in higher investment flows. Commodities will be delinked to the US dollar in the short term.
COMEX SILVER MAY 2010 TECHNICAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$1,726.00
$1,744.00
$1,766.00
$1,788.00
$1,812.00
$1,832.00
$1,880.00
$1,912.00
COMEX TECHNICAL VIEW
COMEX SILVER MAY
Bullish over $1777 with $1830 and $1860 as price target.
Bearish below $1744 with $1718 and $1688 as price target
Neutral Zone between $1744-$1777
Silver targets $1833 and $1930 as long as it trades over $1744 and $1777
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, 6 April 2010 | Digg This Article | Source: GoldSeek.com
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