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Crude oil set to go range bound, fundamentals weak |
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Oil once again may be heading toward becoming stuck in a trading range, After breaking out of the $65 - $75 trading range two weeks ago, prices have oscillated on either side of $80,
A weaker U,S, dollar and hopes for economic improvements recently allowed oil prices to build support around $80,The dollar then showed signs of strengthening, Current fundamentals do not yet lend themselves to further sharp upward price moves, Last week oil market participants were encouraged by strong U,S, GDP figures,
Even so, consumer confidence remains depressed, unemployment is high and rising, and global economic growth still is tenuous, With these macroeconomic factors in the foreground, crude prices fell below $77 on Friday 30 October, as profit-taking set-in,
In the near term, any further dollar strength may be sufficient to push prices back toward $75, While fundamental stake time to catch up to current price levels, sudden sharp shifts in investor sentiment will be the key to whether prices reach for $85 or move back toward $70,
Courtesy: CPM Group for DGCX
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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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