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Friday, February 24, 2012

COMMODITY VIEW


Gold (1777) is continuing to trade higher and is keeping alive the chances of an immediate rise to 1800-20.

Silver (35.32) has rise above its Resistance at 34.50 and is now heading towards its next important Resistance in 36.00-.50 region. Whether it breaks the 36.00-.50 Resistance region or not will be key to be watched.
Nymex Curde (108.45) has risen sharply breaking above its Resistance at 106.50 and is retaining the bullish view. With a good inverted Head and Shoulder pattern on the Weekly chart the bigger picture is very bullish and a strong break above 106 has now opened the doors for a rise to 130 on the upside.

Copper (3.80) remains sideways and we might see a consolidation between 3.70-90 for some time before we see a fresh rally.