-- Posted Friday, 27 August 2010 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The movement in commodities suggests month end position squaring and rebuilding. Markets expect more bad news from the global economic front which is preventing traders from going short in gold and other safe havens. Silver is trying to catch with gold and if it is able to do so then spot silver will rise to $21.00 soon. Base metals and energies rose on the back of better than expected US initial jobless claims.
We have the global central banks meeting in Jackson Hole US today which will continue till tomorrow. All eyes are on how the central bankers will deal with slowdown, sovereign debt default, Japanese deflation and eurozone crisis among other key issues. Any views or confirmation of increase in money supply levels and/or reduction in interest rates can result in gold rising to $1272 by next week and $1350 in September.
COMEX TECHNICAL VIEW
COMEX COPPER SEPTEMBER
Bullish over $324.00 with $329 and $337 as price target
Bearish below $320 with $316.80 and $309.80 as price target
Neutral Zone between: $320-$324
Copper can rise to $333 and $343 as long as it trades over $324.
MCX COPPER NOVEMBER – SHORT TERM VIEW:
Copper targets INR 352 and INR 376 over the next three months as long as it trades over INR 330. There will be a technical breakdown below INR 330 to INR 315 and INR 284. Intra day fresh wave of selling will be there below INR 335 only or failure to break INR 347.
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 Friday, 27 August 2010 | Digg This Article | Source: GoldSeek.com
