-- Posted Thursday, 4 November 2010 | Digg This Article
| | Source: GoldSeek.com
DIWALI GREETINGS TO ALL
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The Federal Reserve will buy an additional $600 billion of Treasuries through June, expanding record stimulus and risking its credibility in a bid to reduce unemployment and avert deflation. The US dollar should continue to weaken and commodities will rise further as a result of the Federal Reserve move. The correction in commodity prices before the meeting suggest that the correction phase is over and that they can rise to new highs as long as they trade over yesterdays lows. Watch the US dollar all the time.
COMEX TECHNICAL VIEW
COMEX GOLD DECEMBER
Bullish over $1341.0 with $1365 and $1378 as price target
Bearish below $1337.00 with $1329 and $1313 as price target
Neutral Zone between $1337-$1341
Technically the phase of correction in gold is over and that it can now rise to $1400 and $1425 very quickly as long as it trades over $1320. Intra day there will be sellers only below $1339 only.
MCX CRUDE OIL
MCX Crude oil can rise to Rs.3900 and Rs.4150 in short term as long as it trades over Rs.3550. Intra day crude oil targets Rs.3850 as long as it trades over Rs.3700.
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, 4 November 2010 | Digg This Article | Source: GoldSeek.com
