Daily Update
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Tuesday, August 04, 2009
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Market Commentary
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Short covering before the session began carried the metal higher to open
in NY at 954.75/955.75. Personal Income and Spending numbers both
came in near expectation, having a benign impact on the metal. Oil and
base metals later reversed, climbing towards positive territory and gold
followed, finding resistance near 965.00. However it remained well bid on
the back of investor demand, peaking at 969.50/970.50. The dollar went
on the offensive and oil retreated, inspiring light profit taking as the trading
day unwound, finally settling at 966.70/967.70.
Silver quickly rallied before the open, as funds bought the metal. It
opened at 1424.00/1427.00 and continued to climb as oil recaptured lost
ground and copper pushed higher. Resistance was established near
1445.00 but later climbed above this level and marched to an intraday high
of 1477.00/1480.00. A small correction as the trading day unwound,
caused the metal to slip marginally off its highs to close at
1468.00/1471.00.
Technical Commentary
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Gold at current 964 level is finally closing above 23.6% Fibo level resistance
of 960. This opens the door for a return to 990 June high. Long Gold
positions will now exit below 950 on any failed up side moves. At current
levels we are on our 4th up week since the correction to 905. Last weeks
price action took many Gold bulls out of their positions making downside
more supported on any dip.
Silver at 14.58 is showing as the 4th up day in a row. Today the unit
traded very close to 14.80 which is the 61.8% Fibo of the 16.24 to 12.46
down move.
Our Reliabilty:-
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Our tips are proving there resistance from last week I am telling my readers to hold on buying positions for long profits now see your self. We proof our self by our Technical and Astrological Team.
Commodities tips:-
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People who having buying positions can book there profit now but there is more rise left in Commodities markets. You can see some correction at this time. But what i suggest buying here in any commodity should be risky. So wait for rise and sell at that positions.
