-- Posted Monday, 19 December 2005 | Digg This Article

 

GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $506.40	COMEX SILVER MARCH FUTURE -- $857.00
EXPECTED TRADING RANGE
GOLD -- $499.60 -- $518.80	SILVER -- $838.50 - $892.50
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $197.30 - $206.20	NYMEX CRUDE OIL JANUARY - $57.15 - $60.40
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD FEBRUARY FUTURE/10 GRAMS	SILVER MARCH FUTURE/KG
Rs.7360 - Rs.7626	Rs.12698 - Rs.13150
GENERAL MARKET CONDITIONS
2005 has been truly a year of commodities. Copper started leading the pack, followed by crude oil and gold and silver as 2005 nears its end. As a commodity consultant I really love it as commodities specially gold and silver are finally getting their due which they should have long ago. Central bank manipulation of gold prices will cease to exist and global retail investors will from now on take charge. The retail investor will dictate future movement of gold and silver prices. Investment in commodities will further increase in 2006 and volatility will increase unlike the one way direction in 2005.  The carry trade will continue to dictate gold and silver prices. Global retail demand for gold and silver will be on the softer side. There has not been any major liquidation of long positions in gold and silver despite the first lower weekly in many weeks. If there is any major liquidation by hedge funds gold and silver may fall further without altering the long term bullishness.  The market moving closer to the Christmas holidays and most top-tier data behind it, trading conditions have thinned, which should keep a lid on impulsive moves in either direction. However one should keep a track of the notorious hedge funds which history confirms that they use the holidays for their own benefit.
GOLD
Gold needs to hold $500.00 on closing basis to prevent a slide to $488.00 which should be the short term bottom. On the higher side $513.30 in the initial resistance with $527.30 as the key short term resistance.
SILVER
Silver needs to close over $853.00 for $900.00 and $930.00. A daily close below $853.00 will result in losses to $828.00.
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Happy Profitable Trading
Disclaimer : Any opinions as to the commentary, market information, and future direction of
prices of specific currencies, precious metals, base metals, or equity indices 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.

-- Posted Monday, 19 December 2005 | Digg This Article

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