-- Posted Thursday, 20 July 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD AUGUST FUTURE -- $645.50	COMEX SILVER SEPTEMBER FUTURE -- $1112.00
EXPECTED TRADING RANGE
GOLD -- $628.20 -- $669.50	SILVER -- $1041.0 - $1206.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPTEMBER -- $339.10 - $372.30	NYMEX CRUDE OIL AUGUST  - $72.65 - $78.10
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD AUGUST FUTURE/10 GRAMS	SILVER SEPTEMBER FUTURE/KG
Rs.9,570- Rs.9,920	Rs.16,900 - Rs.18,400
COPPER AUGUST FUTURE	CRUDE OIL AUGUST FUTURE
Rs.348.60 - Rs.382.90	Rs.3,460 - Rs.3,675
GENERAL MARKET CONDITIONS
Bernanke does it again for gold and silver as well as the US dollar after he said in his semi annual testimony that the effects of past interest rates hikes are still in the pipeline and as such, do not necessitate an overly aggressive stance.  A pause in rates is near and Bernanke’s latest comments certainly hint that it may come sooner rather than later, but he stopped short of slamming the door on another rate hike.  Instead, he repeated that any further moves would be data dependent. After the Fed meeting on June 29th gold edged past the $600.0. This time gold should edge past the $700 mark. An August interest rate hike is more or less factored in by the markets and thereafter a pause is expected. The US dollar and this could be beginning of another bout of weakness. Gold August future rose to a high of $647.50 before settling at $642.80. Silver September fell to a low of $1119.0 before settling at $1112.50. US as well Asian equity markets have rallied. The BSE Sensex fell below the 10,000 mark yesterday but should break 10,550 after open today.   Another buying opportunity came and gone for gold and silver. There will be very buying/investing opportunities in gold and silver for rest of 2006 and one needs to be on the toes and ensure that these investing opportunities are not lost. The demand factor is yet to come up and once global gold and silver demand picks up there could be another $50 a week rise in gold, like last week. Silver is a sleeping tiger and could roar anytime.     It’s has been a very volatile week for gold and silver and gold and silver may have bottomed out for the rest of month. I do not think we are going to see yesterday’s low of $618.80 and $1046.50 again in July. Crude oil prices will be supported by tropical storm Beryl as it heads north, as Watch Issued for Massachusetts.
GOLD
Gold should now target $662.00 and $678.40 if its breaks $656.50. On the lower side $639.60 and $632 are the initial support levels with $618.80 as the key support.
SILVER
Silver needs to break $1132 for test of key resistance at $1168 and $1198. On the lower side $1090 is the initial support with $1041 as the key short term support.
Happy Profitable Trading
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-- Posted Thursday, 20 July 2006 | Digg This Article

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