-- Posted Tuesday, 10 May 2011 | | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The sovereign debt crisis once again has lent support to safe havens as credit rating agencies downgraded Greece debt. S&P downgraded Greece's credit rating further into junk territory to B, just one notch above Pakistan's, hitting Greek bank stocks as investors sought safety in German bonds. Moody's Investor Service threatened to downgrade Greece by several notches, placing Athens' B1 sovereign rating on review due to increased worries that it might seek to impose losses on private bondholders. Technically gold, silver, copper and crude oil are looking bullish if they are able to hold on to the current prices.
COMEX TECHNICAL VIEW
COMEX GOLD JUNE
Bullish over $1498.0 with $1519 and $1536 as price target
Bearish below $1489 with $1475 and $1449 as price target
Neutral Zone between $1489-$1498
- Gold targets $1519 and $1536 as long as it trades over $1498.
- There will be sellers only on a consolidated fall below $1498
- Trading call: Buy around $1485 stop loss below $1465 or buy over $1511 for $1519 and $1527.
COMEX SILVER JULY
Bullish over $3710 with $3880 and $4080 as price target
Bearish below $3640 with $3580 and $3400 price target
Neutral Zone between: $3640 and $3710
- Silver targets $4040 as long as it trades over $3480-$3550 levels.
- A close over $3700 today will be very positive for silver
- Trading call: Buy over $3780 for $3830 and $3900 OR sell below $3730 for $3690 and $3630
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 Tuesday, 10 May 2011 | Digg This Article
| Source: GoldSeek.com
