-- Posted Tuesday, 7 March 2006 | Digg This Article

 

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $559.10	COMEX SILVER MAY FUTURE -- $1004.50
EXPECTED TRADING RANGE
GOLD -- $550.00 -- $575.00	SILVER -- $968.50 - $1040.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY -- $218.35 - $228.60	NYMEX CRUDE OIL MARCH  - $60.35 - $64.05
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MAY FUTURE/KG
Rs.7970 - Rs.8230	Rs.13860 - Rs.14600
COPPER MAY FUTURE	CRUDE OIL MARCH FUTURE
Rs.214.30 - Rs.228.35	Rs.2861 - Rs.2800
GENERAL MARKET CONDITIONS
Gold and silver fell yesterday. Gold April future fell to a low of $553.50 while silver May future fell to a low of $992.00 before settling higher at $556.80 and $1002.50. The US dollar pared all its previous week’s losses while treasury yields rose to a near two year high.   There is lack of market moving news. The diplomatic efforts for a peaceful solution to Iran’s nuclear ambitions has been on the rise and the UN Security Council meeting on 9th March will be the key. Traders took this as an opportunity to book profits while resulted in the correction of gold and silver prices. The only reason why gold and silver zoomed last week was due to geopolitical reasons. Higher demand from ETF’s for silver and greater gold physical demand from India and China has been factored in by the markets. Everybody knows that demand from India, Chin and other developing nations will be on the rise. Demand from these nations will reduce in Asian Summer. Gold and silver will still find buyers at lower levels unless the Iran matter is permanently buried.   The roller coaster ride will continue today. Gold needs to break $573.00 and silver $1035.00 for further gains else they will be the weekly top. It’s better to use a combination of futures and different kinds of options to hedge the risk.
GOLD
Gold will trade in wider $550.00 - $573.00 range and needs to beak either of these levels for $543.00 and $580.00.
SILVER
Silver needs to break $1040 for further gains. On the lower side $995.00 is the initial support with $968.00 and $952.00 as the key short term support levels.
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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
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 Tuesday, 7 March 2006 | Digg This Article

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