-- Posted Monday, 13 September 2010 | Digg This Article
| | Source: GoldSeek.com
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I AM THANKFUL TO ALL FOR THE CONDOLANCE MESSAGES RECEIVED AFTER MY MOM LEFT FOR HEAVENLY ABODE. THANKS FOR YOUR SUPPORT – CHINTAN KARNANI
COMEX DAILY REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The continued rise in the Chinese economy resulted in base metals and energies opening higher today. There was speculation on Friday that China will raise interest rates over the weekend which did not happen. This resulted in short covering. Gold is supported by sovereign debt default concerns in the eurozone and the rest of the world.
Remain on the sidelines today.
GOLD DECEMBER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,226.90 | $1,233.99 | $1,238.20 | $1,244.45 | $1,259.01 | $1,266.75 | $1,273.00 | $1,279.25 |
SILVER DECEMBER 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,918.00 | $1,952.00 | $1,967.00 | $1,986.00 | $2,015.65 | $2,034.92 | $2,050.50 | $2,066.08 |
COPPER DECEMBER 2010 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$326.40 | $331.50 | $335.13 | $339.23 | $347.90 | $352.97 | $357.08 | $361.18 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$73.50 | $75.40 | $76.32 | $76.80 | $79.31 | $79.33 | $81.10 | $82.50 |
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER
Bullish over $1238.20 with $1259 and $1273 as price target
Bearish below $1234 with $1220 and $1210 as price target
Neutral Zone between $1234-$1238.20
As long as gold trades over $1237 it will continue to try and break $1273+
COMEX SILVER DECEMBER
Bullish over $1952 with $2050 and $2116 as price target
Bearish below $1936 with 1902 and $1852 as price target
Neutral Zone between $1936-$1952
Silver targets $2050 as long as it trades over $1950
COMEX COPPER DECEMBER
Bullish over $346.00 with $357 and $361 as price target
Bearish below $339 with $335.00 and $329.00 as price target
Neutral Zone between: $339-$346
A consolidated break of $347 will result in $352-$358.
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $76.32 with $82.50 as price target
Bearish below $75.42 with $72.20 and $70.30 as price target.
100 day moving average at $76.32 is the key support and crude oil needs to trade over $76.32 to target $82+.
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
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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-- Posted Monday, 13 September 2010 | Digg This Article | Source: GoldSeek.com
