-- Posted Friday, 27 May 2011 | | Disqus
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The US dollar is weaker across the board on US economic worries. Greece debt fears will prevent traders and investors from going short on the weekend. Traders and investors will either go long on the weekend or close long positions. This will result in further gains in commodities.
Yesterday volatility was very high. Jobbers need to use higher stop losses. Technically gold, silver, base metals and energies are in a bullish zone.
COMEX TECHNICAL VIEW
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 double top will be formed if gold does not break $1535 today. (A) If gold does not break $1535 today then it fall to $1508 and $1502 before the next leg higher (B) While a break of $1535 will pave the way for $1552 and $1582
- There will be buyers on dips as long as gold trades over $1505-$1515 zone
COMEX SILVER JULY
Bullish over $3740 with $4075 and $4377 as price target
Bearish below $3690 with $3550 and 3300 price target
Neutral Zone between: $3690 and $3740
- For further selling silver needs to fall below $3600.
- Silver can rise to $3925-$4075 as long as it trades over $3600
- Selling pressure will be there below $3740 only
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
Happy profitable Trading & have a great weekend
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 Friday, 27 May 2011 | Digg This Article
| Source: GoldSeek.com
