-- Posted Tuesday, 27 June 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD AUGUST FUTURE -- $590.50	COMEX SILVER JULY FUTURE -- $1026.50
EXPECTED TRADING RANGE
GOLD -- $573.50 -- $613.40	SILVER -- $968.20 - $1120.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY -- $308.30 - $342.30	NYMEX CRUDE OIL AUGUST  - $67.60 - $72.20
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD AUGUST FUTURE/10 GRAMS	SILVER JULY FUTURE/KG
Rs.8,560- Rs.9,060	Rs.15,225 - Rs.16,600
COPPER JULY FUTURE	CRUDE OIL JULY FUTURE
Rs.312.65 - Rs.352.90	Rs.3,140 - Rs.3,3380
GENERAL MARKET CONDITIONS
Gold and silver are slightly firm but for no reason other than continued consolidation.  With less than three days until the FOMC meeting, traders are managing their positions cautiously as this week’s meeting could prove to be one of the more volatile meetings that we have seen in months.  The Fed is expected to deliver their seventeenth consecutive interest rate hike, expectations of what the Fed will do or say is exceptionally diverse.  Markets have priced in a quarter point interest rate hike but are divided on the tone of the accompanying FOMC statement.   Last weeks volatility has resulted in gold and silver traders still going long than short. Traders had gone short at lower lever gold august below $580.00 and silver july below $1005.0 in anticipation that the gold and silver will fall ahead of the Fed meeting which did not happen. A large number of these positions are yet to get squared off. Gold and silver will be volatile this week.   If gold fails to break and close over $602.80 this week, then gold can fall to $566.40 and $555.00 in July else expect $650.00 and $670.00 in July. Spot silver needs to close over $998.00 this week so that it can target $1250-$1300 in July. It is still preferable to buy on any 2% to 5% decline. It’s all on the Fed statement.  Long term bullishness remains intact and gold and silver will be delinked from everything. Crude oil prices are over $70.00 a barrel which might result in Fed signaling to raise interest rates in August.
GOLD
Gold needs to break the 100 day MA at $602.80.; Initial support stands at $585.00 and $577.40 with $566.40 as the key intra day support.
SILVER
Silver needs to break and close over $1041.00 for $1071 and $1110.00. On the lower side $1008 is the initial support with the 200 day MA at $968 as the key support level.
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.

-- Posted Tuesday, 27 June 2006 | Digg This Article

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer