-- Posted Friday, 25 March 2011 | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The first quarter of the new decade has been great run for commodities. Option market covering seems to be over. It will be a technical trade. Yesterdays fall in gold and silver before the close is not a bear trend. If and only if the fall in gold and silver continues till Monday that will be in a short term bear phase, else dips are nothing but an investment opportunity. Before the weekend today traders will either book profits in their long positions or go long. There are no factors to go short over the weekend (Other than technically overbought conditions in gold, silver and crude oil). Copper is in a neutral zone.
European sovereign debt default, Libya, Japanese radiation etc are all there for an investor to remain invested in gold, silver and other safe havens. Unless there are factors to withdraw investment from gold and silver and looks for other alternate investments, gold and silver will continue to rise.
COMEX TECHNICAL VIEW
GOLD APRIL 2011 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,407.00 | $1,419.10 | $1,426.00 | $1,431.00 | $1,436.80 | $1,442.20 | $1,448.70 | $1,457.00 |
SILVER MAY 2010 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$3,503.00 | $3,590.00 | $3,630.00 | $3,690.00 | $3,735.00 | $3,770.00 | $3,815.00 | $3,890.00 |
COPPER MAY 2011 TECHNICAL LEVELS |
` | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$419.00 | $423.00 | $427.90 | $436.00 | $442.80 | $448.90 | $453.00 | $461.00 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$101.60 | $102.80 | $104.60 | $105.10 | $106.40 | $107.70 | $109.90 | $111.80 |
COMEX GOLD APRIL
Bullish over $1431 with $1449 and $1468 as price target
Bearish below $1427 with $1417 and $1396 as price target
Neutral Zone between $1427-$1431
- Gold needs to break and trade over $1449 today else it will fall to $1417 and $1409. Only a break of $1449 will result in further gains.
- $1424 is the key support and a close below $1424 will be bearish for gold for next week.
- Trading call: Buy over $1435 for $1439 and $1444 OR Sell below $1431 for $1427 and $1421
COMEX SILVER MAY
Bullish over $3680 with $3846 and $3941 as price target
Bearish below $3630 with $3550 and $3400 as price target
Neutral Zone between: $3630 and $3680
- Silver Now needs to trade over $3730 for $3941 and $4050
- There will be sellers below $3730 only.
- Trading call: Sell below $3730 for $3700 and $3650 OR buy over $3750 for $3800 and $3850.
COMEX COPPER MAY
Bullish over $435 with $447 and $454 as price target
Bearish below $428 with $417 and $411 as price target
Neutral Zone between: $428-$435
- Today copper needs to trade over $435 for $447 and $454.
- There will be sellers if copper trades below $436 in the US session
- Copper looks headed for $452 and $500 in short term as long as it trades over $418
- Trading call: Buy around $436 stop loss below $431 price target $447 and $455 OR buy over $442 for $445 and $451.
NYMEX CRUDE OIL (1ST CONTRACT)
Bullish over $102.10 with $106.40 and $112.20 as price target
Bearish below $101.40 with $97.50 and $95.40 as price target.
Crude oil now targets $110 and $112 as long as it trades over $103. There will be sellers only below $103.
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 Friday, 25 March 2011 | Digg This Article
| Source: GoldSeek.com
