-- Posted Monday, 4 October 2010 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
Traders and investors will be looking forward to (A) US September non farm payrolls (B) Third quarter corporate earnings from next week and future corporate outlook. (C) The US dollar (D) Stocks. These are the key factors which will dictate the financial markets in October. Commodities are over brought technically but it is all about momentum for the time being. Physical demand of gold and silver from India and other key consumers will be poor if gold prices continue to rise. Navratris festival begin in India from this week and it will be a celebration time till Diwali. Demand of gold and silver will rise on every INR 200-INR 300 fall in prices. For the time being a lower usd/inr is preventing gold and silver prices from falling and usd/inr will be also be the key mover of gold and silver prices in October.
COMEX TECHNICAL VIEW
COMEX SILVER DECEMBER
Bullish over $2186 with $2236, $2267 and $2308 as price target
Bearish below $2166 with $2134 and $2092 as price target
Neutral Zone between $2166-$2186
A consolidated break of $2236 will result in $2286 and $2336. Intra day fresh wave of selling will be there below $2186 only.
COMEX COPPER DECEMBER
Bullish over $363.00 with $371 and $377 as price target
Bearish below $359 with $355.00 and $347.00 as price target
Neutral Zone between: $359-$363
Copper targets $373 and $377 as long as it trades over $363.
MCX GOLD DECEMBER
MCX Gold December targets INR 19594 and INR 19976 in October as long as it trades over INR 18986. Only a daily close below INR 18986 for three consecutive days will result in a short term bearish phase to INR 18436 and INR 17665.
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.
Customer care: 9811139549/9311139549
You can also mail your queries at chintan@insigniaindia.com
-- Posted Monday, 4 October 2010 | Digg This Article | Source: GoldSeek.com
