Gold and silver showed no signs of stopping as they moved higher and higher. December gold future rose to a high of $487.80 yesterday while silver december future rose to a high of $815.00 in Asian trade. The US dollar weakened marginally while crude oil prices remained firm.
Demand from hedge funds and massive short covering resulted in gold and silver edging higher. There is greater physical and speculative demand from Japan which can be seen from the fact everyday gold and silver edge higher in Asia after Japan opens and falls in European session only to edge higher in comex session.
Copper prices were boosted from the latest latest study of International Copper Study Group which showed a sharp fall in mining output. The study showed a 695 000 tonne downward revision in total copper mine output for this year compared with its forecast in March. The output downgrade was based on production disruptions primarily in Chile and the US. Refined output had been revised lower by an even larger 831 000 tonnes. Production forecasts for 2006 were also pushed down. Copper prices are expected to create further historical highs as we move into 2006.
Gold and silver have room further gains before moving into over brought territory.
GOLD
Gold has room to break $500.00 for $812.00 but needs to break $494.60 and $498.20 for that. On the lower side $483.20 is the initial support with $474.60 as the short term key support.
SILVER
Silver needs to break $828.00 for $851.00. As long as silver closes over $791.00 the downside is limited. A close below 791.00 will result in $768.00 as the next support zone.
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