-- Posted Tuesday, 4 January 2011 | Digg This Article
| | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
UK markets will open today after the New Year vacations. Today’s UK session will be the key for all commodities. Technically all commodities are still bullish and have room for further gains, but they need to break certain key levels for further gains. These prices are as below:
Gold February: $1432.90
Silver March: $3201
Copper March: $457.60
Crude Oil: $94.0
Just remember failure to break the above prices by tomorrow will result in a correction before the next wave higher.
Economic numbers from the US are very positive which suggests more gains in store for commodities. If the global economy continues to grow at a sustained pace then (A) Expectations of higher interest rates will rise (B) Treasury yields will all also rise. This combination will reduce the pace of the rise of gold and other commodities. Higher interest rates will imply lower speculative flows into commodities which has been the key driver in 2010.
GOLD FEBRUARY 2011 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,396.00 | $1,403.00 | $1,407.00 | $1,411.00 | $1,419.60 | $1,426.50 | $1,432.90 | $1,439.30 |
SILVER MARCH 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$2,949.00 | $2,989.00 | $3,014.00 | $3,042.00 | $3,102.00 | $3,144.00 | $3,176.00 | $3,201.00 |
COPPER MARCH 2011 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$426.50 | $429.80 | $435.20 | $438.80 | $450.55 | $454.00 | $457.10 | $460.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$88.70 | $89.45 | $90.15 | $91.10 | $92.60 | $93.30 | $94.00 | $94.60 |
COMEX TECHNICAL VIEW
COMEX GOLD FEBRUARY
Bullish over $1405 with $1432 and $1452 as price target
Bearish below $1397 with $1388 and $1379 as price target
Neutral Zone between $1397-$1405
There will be sellers as long as gold trades below $1433 while demand will be there between the $1397-$1405 zone.
COMEX SILVER MARCH
Bullish over $3042 with $3196 and $3240 as price target
Bearish below $3010 with $2980 and $2880 as price target
Neutral Zone between $3010-$3042
Silver needs to trade over $3045 today to be in a bullish zone or else it will fall to $2980 and $2880.
COMEX COPPER MARCH
Bullish over $436 with $452 and $467 as price target
Bearish below $432 with $426 and $419 as price target
Neutral Zone between: $432-$436
Copper targets $457 and $470 as long as it trades over $432.
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $90.60 with $92.20 and $94.50 as price target
Bearish below $89.80 with $87.50 and $86.50 as price target
Crude oil needs to trade over $90 for the whole week to target $94+.
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 employee 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 Tuesday, 4 January 2011 | Digg This Article | Source: GoldSeek.com
