-- Posted Monday, 6 March 2006 | Digg This Article

 

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $568.50	COMEX SILVER MAY FUTURE -- $1018.50
EXPECTED TRADING RANGE
GOLD -- $559.00 -- $584.00	SILVER -- $988.50 - $1070.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY -- $220.70 - $233.60	NYMEX CRUDE OIL MARCH  - $62.20 - $66.60
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MAY FUTURE/KG
Rs.8040 - Rs.8280	Rs.13860 - Rs.14600
COPPER MAY FUTURE	CRUDE OIL MARCH FUTURE
Rs.220.30 - Rs.230.60	Rs.2760 - Rs.2880
GENERAL MARKET CONDITIONS
Gold and silver opened the week in Asian trade on a cautious note. The previous week had a silver lining as silver, the metals edged passed the $1000.00 mark. Gold traded higher but was unable to create multi year highs. The US dollar weakened against all the major currencies except the yen.  Silver has been rising on news of demand from exchange traded funds (apart from overall higher investment in commodities). If I look at some of the key silver moves over the past few months spot silver rose breached key $8.00 an ounce on 16th November, 2005 and it took just 23 days to breach $9.00 mark on 9th December, 2005. The rise from $9 an ounce to $10.00 an ounce took 83 days. The common denominator between these moves to the next higher level was news on exchange traded funds. Unlike gold, central bank intervention in silver is negligible. Like copper, the total physical value of global silver is not much as compared to gold.  The week will be dominated by news on Iran and other geopolitical news. Euro-funded carry trades will be evident if the greenback continues its slide. If more time is given to Iran before sanctions are in place then gold and silver may fall a bit and then rise. If sanctions are imposed, then gold, silver etc will reach another multi year highs. Fasten your seats belts and enjoy the roller coaster ride.
GOLD
Gold can still target 580.00 - $600.00 this week. On the lower side $565.00 and $560.00 is the support base. $550.00 is the short term support.
SILVER
Silver can rise to $1070 - $1080 if it holds on to $1000.00 on closing basis. There is an initial resistance at $1035. Support stands at $995.00 and $968.00.
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-- Posted Monday, 6 March 2006 | Digg This Article

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