-- Posted Thursday, 23 February 2006 | Digg This Article

 

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $556.00	COMEX SILVER MARCH FUTURE -- $957.00
EXPECTED TRADING RANGE
GOLD -- $542.00 -- $568.00	SILVER -- $935.50 - $982.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $224.35 - $233.60	NYMEX CRUDE OIL MARCH  - $59.40 - $63.20
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MARCH FUTURE/KG
Rs.7970 - Rs.8200	Rs.13380 - Rs.13730
COPPER MARCH FUTURE	CRUDE OIL MARCH FUTURE
Rs.220.40 - Rs.233.60	Rs.2681 - Rs.2820
Gold and silver are consolidating at the moment before the next higher leg. Gold April future settled at $556.60 while silver March future settled at $957.50. The US dollar continues to trade with a firm bias.   There is lack of major moving news. The Iran factor is a sleeping giant which could turn into a large snow ball anytime. Iran has rejected Russian proposal for Uranium enrichment and is isolated in the world in its attempt to acquire nuclear arms. Incidentally US president Bush is on an Asian tour and any serious comments from him on use of force against Iran in March will result in another multi year high gold and silver prices.   Federal Reserve Vice Chairman Roger Ferguson.  As the only central banker in Washington during 9/11 while Greenspan was in Europe, Ferguson has often been credited for steering the Fed through the crisis.  However, Ferguson has often bumped heads with Bernanke as he opposes inflation targeting, arguing that it limits the Fed’s flexibility.  With his departure, Ben Bernanke’s board of governors now consists of all Bush nominees.  This shock to the market will once again bring back concerns about how well Ben Bernanke’s team will respond to any crisis that may fall upon the US economy.  These bits are bits and pieces of uncertainties will result in a weaker US dollar in the second half of 2006 when US economy shows real signs of a sustained reduction in consumer spending. I am always being told by my friends the “ Once a US dollar bear, always a US dollar bear” but my view are based on the projections of next two to three years. I am also a gold and silver bull. For intra day trading one can use a sell first buy later strategy. For long term trading it is preferable to use a buy first sell later strategy as gold at $540.00 and silver at $950.00 will soon be history just like gold at $480.00 is history and may not be seen over the next two to three years.  There is lack of major market moving news today and it will be a technical trade day for gold and silver. The overall sentiment is bullish for gold and silver and intra day market moves on sentiments.
GOLD
Gold targets $563.50 and $568.00 if it is able to maintain its momentum. A convincing break of $568.00 will result in $578 - $585.00 zone. On the lower side $552.10 and $542.00 are the support levels with $534.50 as the key short term support.
SILVER
Silver targets $968.00 - $972.00 zone if it holds $952.00. A convincing break of $972.00 will result in re test of $995.00. On the lower side there is an initial intra day support at $940.00 with $926.00 as the key short term support.
For SMS service on MCX & NCDEX trading strategies, please mail your mobile number at
sms@insigniaindia.com
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 Thursday, 23 February 2006 | Digg This Article

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer