-- Posted Thursday, 9 March 2006 | Digg This Article

 

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $543.70	COMEX SILVER MAY FUTURE -- $980.50
EXPECTED TRADING RANGE
GOLD -- $534.00 -- $570.00	SILVER -- $952.50 - $1030.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY -- $212.35 - $224.60	NYMEX CRUDE OIL MARCH  - $60.35 - $64.05
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MAY FUTURE/KG
Rs.7840 - Rs.8190	Rs.13800 - Rs.14500
COPPER MAY FUTURE	CRUDE OIL MARCH FUTURE
Rs.214.30 - Rs.228.35	Rs.2623 - Rs.2800
GENERAL MARKET CONDITIONS
Gold and Silver are down but not out as they dropped sharply as the decision on Iran gets postponed to next week. Gold April future fell to a low of $539.50 while silver May future fell to a low of $967.00 before settling higher at $554.30 and $984.50 respectively. The price of crude oil sank after an unexpectedly sharp climb in US oil stocks and the decision by the Organisation of the Petroleum Exporting Countries to stick with its current output ceiling of 28m barrels per day.  Gold, silver and other commodities fell ahead of the end of the first quarter. There is the temptation on the part of speculative players and institutional investors to take profits and look to buy back at lower levels. However lower prices are likely to attract solid physical buying as the market moves into the second quarter.  Iran threatened the US with “harm and pain” as the dispute over Tehran’s nuclear programme moved to the United Nations Security Council, an outcome the Islamic republic had fought to avoid. A war of words at the International Atomic Energy Agency, the UN’s nuclear watchdog, highlighted growing tensions after Washington and the European Union dismissed a push for a compromise this week. It’s more of Iran than anything else for the time being.  Considering the fragile geopolitical situation, Gold and silver should bottomed out and should rise as the week comes to a close. However there be a temporary impact of the US February payroll numbers.
GOLD
Gold is trading in wider range of $537.00 - $575.00 range over the past six weeks. As long as $537.00 holds on closing basis, the downside is limited. The upside is open with $560.00 and $565.20 as the resistance levels. Only a consolidated fall below $537.00 will result in 528.00 and $520.00.
SILVER
Silver managed to hold $968.00 support and once again targets $1010 – 1030 zone if it breaks $995.00. A consolidated fall below $968.00 will result in $952.00
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-- Posted Thursday, 9 March 2006 | Digg This Article

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