-- Posted Thursday, 26 May 2011 | | Disqus
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The slowdown in US April durable goods order implies that the current liquidity and interest rate scenario will not change till end September. This implies more speculative inflows into commodities as a whole. The Greek government scrambled to resolve a standoff with its opposition over austerity yesterday, with one official warning the only alternative to more cuts was leaving the euro and bringing back the drachma. This is positive news for further gains in gold, silver and other safe havens.
Technically gold, silver, base metals and energies are in a bullish zone.
COMEX GOLD JUNE
Bullish over $1519 with $1539 and $1560 as price target
Bearish below $1515 with $1509-$1502 as price target
Neutral Zone between $1515-$1519
- A break of $1531 will pave the way for $1547 and $1567. On the lower side as long as $1519 holds downside risk remains limited.
- There will be sellers only below $1519 in US session
- Trading call: Buy over $1531 for $1538 and $1547 OR sell below $1523 for $1519 and $1509
COMEX COPPER JULY
Bullish over $405.10 with $417.50 and $423.60 as price target
Bearish below $399 with $395.40 and $391 as price target
Neutral Zone between: $399-$405.10
- Technically the medium term correction in copper is over and now it targets $428.60 and $441 by end June as long as it trades over $385.
- Only a daily close below $395 for three consecutive days will result in a short term bearish phase.
- Trading call: Buy over $412.50 for $415.80 and $422 OR sell below $408.50 for $405.20 and $400.50
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 Thursday, 26 May 2011 | Digg This Article | Source: GoldSeek.com