-- Posted Thursday, 29 July 2010 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The lack of major market moving news resulted in gold and silver rising on technicals. They can rise further if they are able to trade over yesterday’s lows today. A mild fall in US stock markets will prevent gold and silver from a major fall today. As far as base metals and energies are concerned they are likely to remain firm on demand from emerging market economies. Euro/usd so far has not been able to break 1.3100 and it remains to be seen if it is able to break the same by Monday.
Physical demand in gold and silver will be very high today especially after the retreat from yesterdays lows. We prefer investing in medium term to long term in small amounts at the current prices and on every five percent dip.
COMEX TECHNICAL VIEW
COMEX SILVER SEPTEMBER
Bullish over $1724 with $1770 and $1840 as price target
Bearish below $1708 with 1665 and $1635 as price target
Neutral Zone between $1708-$1724
The key medium term support is at $1724 and as long as silver trades over $1724 will rise to $1800 and $1850. Intra day we prefer to buy over $1762 for $1782.
MCX SILVER SEPTEMBER
MCX Silver needs to trade over INR 28150 to be in short term bullish zone and target INR 29200-INR 30200. Intra day as long as INR 28000 hold silver will rise to INR28600-INR28900
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, 29 July 2010 | Digg This Article | Source: GoldSeek.com
