-- Posted Tuesday, 8 March 2011 | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
TODAY
Yesterdays fall of gold, silver, and crude oil was just a technical correction which if it continues only till Wednesday will result in a short term bear phase. Copper had a technical breakdown over fears that higher crude oil prices will slow global growth. Reports that US could use its strategic crude oil reserves to prevent gasoline prices from rising will be bearish for crude oil in the short term. Further reports of the Obama administration exploring the possibility of the use of force to oust Gadaffi implies that another Iraq could be in the making for Libya. Gadaffi has learnt lessons from Iraq and could be better equipped to handle a military invasion of Libya. It will not be easy picking for US and its NATO allies in Libya. A weaker US dollar is aiding commodities also.
COMEX TECHNICAL VIEW
COMEX GOLD APRIL
Bullish over $1424 with $1444 and $1462 as price target
Bearish below $1415 with $1409 and $1400 as price target
Neutral Zone between $1415-$1424
- Gold needs to break $1447-$1454 zone and if it does not break $1454 by tomorrow then it will fall to $1400-$1406 before the next attempt at $1454 and $1475.
- There will be buyers as long as gold trades over $1424
- Keep a close watch at $1424 and $1454 as a break of either of these prices will result in big moves.
- Trading call: Buy gold over $1442 for $1446 and $1454 OR sell below $1433 for $1429 and $1421
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $103.10 with $108.80 and $111.50 as price target
Bearish below $100.80 with $99.10 and $97.50 as price target.
There will be sellers as long as crude oil remains below $110.
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.
INSIGNIA CONSULTANTS IS NOT LIABLE FOR THE LOSSES INCURRED ON THE ABOVE MENTIONED TRADES.
Customer care: 9811139549/9311139549
You can also mail your queries at chintan@insigniaindia.com
-- Posted Tuesday, 8 March 2011 | Digg This Article
| Source: GoldSeek.com
