WEEKLY COMMODITY OUTLOOK (14/09/09)

GOLD:- Last week it opened at 996.90 & went down to 983.20 to mark the low of the week.It then continued to rise till 1013.70 to register the high of the week & finally closed at 1006.40.In accordance with our bullish view it has broken out of a triangle with the massive volume.We are looking for the rate  in & around 1100 in next 3-5 weeks.Trader may use the stop of 976 for long positions.

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SILVER:- Last week it opened at 16.375 & then went down till 16.060 to register the low of the week.It then continued to rise till 17.015 to mark the high of the week & finally closed at 16.700.In fact it is a strong upward surge in accordance with our strong bullish bias.We are exxpecting this upsurge to continue in coming week after correcting to 16.000.

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CRUDE:- After breaking out from rising wedge & remained sideways to distribute.In our view next week it will find extremely difficult to cross 72.80 & downside the third leg will breach 67.55 & may touch 65.00.

 

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