-- Posted Thursday, 27 April 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $641.00	COMEX SILVER MAY FUTURE -- $1265.50
EXPECTED TRADING RANGE
GOLD -- $614.10 -- $660.60	SILVER -- $1172.50 - $1450.50
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY -- $308.40 - $400.40	NYMEX CRUDE OIL JUNE  - $70.40 - $80.60
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD JUNE FUTURE/10 GRAMS	SILVER MAY FUTURE/KG
Rs.9,190- Rs.9,850	Rs.18,100 - Rs.24,500
COPPER MAY FUTURE	CRUDE OIL MAY FUTURE
Rs.314.35 - Rs.380.20	Rs.3,150 - Rs.3,550
GENERAL MARKET CONDITIONS
Gold outperformed everybody as june futures rose to a high of $645.50. Silver and copper also followed gold as May futures rose to a high of $1293.50 and $339.80 respectively. The US dollar weakened despite the rise in new home sales and durable goods numbers as market question the sustainability of the same in light record crude oil prices.   Silver and copper futures are expiring tomorrow. Most of the short positions in silver have been covered. There are some long positions in silver at higher levels which is going to be rolled over. Copper May futures there are more shorts which have yet to be covered, which will add to the price rise. Since copper had a one way upward movement in May futures, there is a no question of long positions at higher levels. The futures expiry will be the key and both silver and copper should accelerate their rise after the expiry is over.   Short term technical picture can be changed by a small correction, which may be sometimes misleading. Silver’s short term technical picture was changed by last Thursday’s fall and a new set of shorts were created at lower levels. One needs to look at the other factors as well before deciding on the trading strategy. Long term market picture does not alter unless there is a change in the fundamentals.   There is hardly anything to comment on the markets for now. Weekend is nearing, there is ample room for further gains on geopolitical risk. Gold and silver will remain unaffected by economic numbers.
GOLD
Gold needs to break $652.00 - $655 zone for $735. On the lower side $623.60 is the support with $614.10 as the key short term support. Only a consolidated fall below $614.10 will result in $600.00 and $593.80.
SILVER
Silver once targets $1450.00 - $1500.00 for $1650.0 if it breaks and closes above $1332.00. On the lower side there is a technical congestion between $1220.00 and $1246.50 and further between $1160.00 and $1172.50 both of which are holding well.
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.
Prepared By Chintan Karnani. Web Site:www.insigniaindia.com

-- Posted Thursday, 27 April 2006 | Digg This Article

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