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Crude oil set to go range bound, fundamentals weak |
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Last week, Crude prices opened the week at 3720 initially made a high of 3796, then fell sharply lower but found support at 3665 levels. Later prices recovered towards 3775 levels, but could not sustain fell back lower and finally ended the week with a loss of Rs.84 to close at 3640.
TREND: BEARISH
TRADING LEVELS:
This week market is expected to find good support in the range of 3595-3575 levels. And strong support is seen at 3510-3495 levels.
Trading below 3495 would lead to lower prices initially towards 3453 then 3405 and then finally towards the major support at 3346.
Resistance is observed in the range of 3700-3720 levels and strong resistance is seen at 3790-3810 levels.
Trading above 3810 would lead to higher prices initially towards 3870 then 3930 and then finally towards the major resistance at 3990.
Recommendation: Sell in the range of 3700-3720 with strict stop-loss above 3810 Targeting 3540 then 3496.
Courtesy: Angel Commodities
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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