-- Posted Tuesday, 11 January 2011 | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It’s more or less a technical trade and nothing else for the moment with the US dollar dictating commodities. The focus of traders once again has shifted to eurozone debt fears and contagion risk. If eurozone fears rise then gold and other safe havens will rise. That’s all I can say. It’s better to look at the markets from a three month perspective and based on that trade intra day. This way chances to intra day losses will be reduced.
TECHNICAL VIEW
COMEX GOLD FEBRUARY
Bearish below $1361 with $1346 and $1331 as price target
Bullish over $1368 with $1385 and $1397 as price target
Neutral Zone between $1361-$1368
This is just a consolidation phase for gold before the next big move. Gold has managed to trade over $1361 and now looks headed for $1385 and $1397. There will be sellers below $1365 only.
MCX GOLD FEBRUARY
Gold can rise to Rs.20550 and Rs.20650 as long as it trades over Rs.20350. Intra day there will be sellers below Rs.20350 to Rs.20290 and Rs.20190.
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 Tuesday, 11 January 2011 | Digg This Article
| Source: GoldSeek.com
