Wednesday, 19 August 2009
Tuesday metals traded very poorely against weak dollar. I am very concerned about metals and that is why I have kept repeating about weak trend of gold, silver and copper.
On Wednesday I see corrections in gold, silver and copper. It will be interesting to see if Gold holds above $923 or not. Copper and silver will break in a big way so stay short in metals without any fear.
US dollar traded stable on Tuesday after three days of up movement.On Wednesday we are expecting a huge up move in dollar, first target is $79.69 and once it has crossed above that, then the next target is $80.27. On lower side it will hold its position around $79 as recommended in yesterdays update.
In our newsletter we mentioned that late Wednesday and Thursday is an important day for oil so we will wait and see what oil does on both of these days. We see weaker trend developing ahead.
Grains and soft commodities are to remain weak on Wednesday.
We are still holding our first target of gold reaching $755 and silver $8.30 and copper $221, we will come out with another lower-side target once above mentioned target get achieved.
There will be big correction in all stock markets starting from late Wednesday.
As we decided to write daily flashnews, kindly wait for tomorrows update.
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Thanks & God Bless