-- Posted Monday, 6 December 2004 | Digg This Article

 

GOLD				SILVER
GOLD FEBRUARY FUTURE -- 457.30				SILVER MARCH FUTURE -- 806.0
	Lower	Expected	Higher		Lower	Expected	Higher
BUY	444.70	450.00	460.40	BUY	767.50	785.50	832.50
SELL	449.20	458.80	465.30	SELL	782.50	825.50	852.50
EXPECTED TRADING RANGE
GOLD -- 444.0 -- 463.0				SILVER -- 775.00 - 830.00
GENERAL MARKET CONDITIONS
Precious metals bulls are having a ball of a time. Truly history being created is on the anvil. Gold futures rose to $458.70 while silver futures rose to $823.50 in the previous week. The less than expected rise in monthly economic numbers further is further helping the precious metal bulls.     It has been a one way traffic for the precious metals. The “Buy on dips” strategy is working at the moment. There are no signs of the long awaited retracement at the moment. The markets are firmly entrenched on the fundamental focus of the US economy. At the moment the arbitrage or leverage is clearly on short dollar positions, precious metals and select stocks for investments in developed markets and there has a huge build up of the same.      There are rumours that more and more central bankers are changing their assets allocation from US dollar to Euro and other safe havens. The latest being Taiwan central bank is cutting down on dollar denominated assets. These are grapevine and there is no official confirmation of the same.    Technically speaking short US dollar positions and long gold and silver positions have been stretching for too long. The correction is awaited and there is possibility of the same towards the close of the week as the Fed meeting is just seven trading sessions away. Another thing to watch is traces of intervention by various central bankers.
GOLD…..
Gold has firmly held $450 and is trading in $450-$460 range. It needs to overcome
$460 for $465.0. On the lower side dips under $450 will attract demand.
SILVER…..
Silver has closed above $780 last week and targets $830 this week. A daily close above
$830 should result in $860. On the lower side $775 is the support.
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Happy Profitable Trading
Disclaimer : Any opinions as to the commentary, market information, and future direction of prices of
specific currencies and precious metals reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees  have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the information provided in this
material; or in any delays, inaccuracies, errors in, or omissions of Information.
Prepared By Chintan Karnani. Web Site:www.insigniaindia.com

-- Posted Monday, 6 December 2004 | Digg This Article

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