-- Posted Thursday, 2 March 2006 | Digg This Article

 

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $565.00	COMEX SILVER MAY FUTURE -- $980.00
EXPECTED TRADING RANGE
GOLD -- $548.00 -- $575.00	SILVER -- $952.50 - $1000.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY -- $215.70 - $233.60	NYMEX CRUDE OIL MARCH  - $60.35 - $64.55
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MAY FUTURE/KG
Rs.8020 - Rs.8200	Rs.13580 - Rs.14000
COPPER MAY FUTURE	CRUDE OIL MARCH FUTURE
Rs.214.30 - Rs.230.60	Rs.2681 - Rs.2880
GENERAL MARKET CONDITIONS
Gold and silver traded the technical way yesterday as Gold April future rose to a high of $569.00 and silver may future rose to a high of $988.00 before lower at $565.80 and $979.00 respectively. The US dollar gained against the major currencies despite savings rate falling to -0.7 percent in January from -0.4 percent in December as consumers spend more than their incomes on hopes higher incomes.  The Iran issue will continue to remain the centre of attraction till a decision by US allies come. US, British envoys differ on next UN moves on Iran. Russia and others security council members are making their last ditch effort resolve the issue peacefully.   The European bank is expected to raise interest rates by a quarter of a percentage today. The rise in negative savings rate in US implies that the Fed will remain more dependent on foreign flows to run the US economy. In order to attract more flows it will need to keep on raising interest rates higher than justified or print more US dollar bills. We expect the Fed to print more US dollar bills under Bernanke than under Greenspan as higher interest rates will be detrimental to growth. In either case gold and silver are the winners.  Gold and silver have to break their 2006 highs in the short term else we expect a ten to fifteen percent correction in March. Initially there will be sellers when gold nears $580.00 and silver nears $9950.00 and if there is a consolidated rise above these levels then we could be approaching the highs in 1980 sooner than later.
GOLD
Failure of gold to break $580.00 by Monday will result in a slide to $550.00 and $538.50 next week. While a consolidated rise over $580.00 will result in $600.00.
SILVER
Failure of silver to break $995.00 by Monday will result in a slide to $952.00 and $926.00 next week. While a consolidated rise over $995.00 will result in $1030.00.
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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
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-- Posted Thursday, 2 March 2006 | Digg This Article

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