Friday, August 10, 2012

Commodity market update

Gold:

The rally from 1565 is losing steam above 1615; unable to extend gains into the set objective at 1635/1640. Watch near term consolidation at 1600-1620; extended gains is not expected to overshoot beyond 1640. Thereafter, prefer unwinding of recent gains into 1585 aehad of 1565. Over all, short term range of 1565-1640 will stay valid.

NYMEX Crude:

The rally fizzled out above 93 given the expected consolidation play at 88-93. Howver, the undertone is bullish in the nearest term for 95.00-95.50 not ruling out a quick touch into 97.50-100 before down. Over all, prefer short term range play at 90-100.


Moses Harding

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