-- Posted Friday, 28 July 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD AUGUST FUTURE -- $631.30	COMEX SILVER SEPTEMBER FUTURE -- $1139.0
EXPECTED TRADING RANGE
GOLD -- $614.30 -- $652.50	SILVER -- $1088.0 - $1198.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPTEMBER -- $319.10 - $352.30	NYMEX CRUDE OIL AUGUST  - $72.65 - $78.10
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD AUGUST FUTURE/10 GRAMS	SILVER SEPTEMBER FUTURE/KG
Rs.9,360- Rs.9,770	Rs.17,100 - Rs.18,200
COPPER AUGUST FUTURE	CRUDE OIL AUGUST FUTURE
Rs.340.60 - Rs.372.90	Rs.3,440 - Rs.3,580
TRADING TIP OF THE DAY
3-4 MONTH TRADERS BUY ON DIPS SL BELOW $580 TGT $700
GENERAL MARKET CONDITIONS
Gold and silver are showing signs of bottoming out, as the successive lower base is getting higher. This week gold august futures reached a reached a low of $602.50 while silver remained firm. Gold August future reached a high weekly high of $641.0 and silver September future reached a weekly high of $1152.0 before settling lower at $632.50 and $1139.00. Euro is stronger against the US dollar but trading in 200 pip range. It’s more of a technical trade for gold and silver as well as the currency markets as were unmoved by economic number released from developed nations.   The Chinese state run think tank forecasted a 5 percent appreciation in the currency per annum.  Further appreciation in the Yuan is good for the gold and silver as a stronger yuan will make gold and silver cheaper in China. A stronger yuan will also result in stronger Indian rupee will should boost the surging Indian demand for gold. Indian retailers in small towns and villages of India are bullish on demand this year as Monsoon rainfall has been satisfactory in July.   The Middle East tensions and the war between Israel and Lebanon seems like a US sponsored Israel executed terrorism on the people of Middle East. Israel Prime Minister Ehud Olmert decided today against widening Israeli military operations in southern Lebanon, and asked for reserves, after the army suffered its biggest single day of casualties in the 16-day conflict. The area under conflict is rising and could result in full fledged war between nations which will result in crude oil as well as gold prices spiraling. Right now traders are on the sidelines and looking for signs of peace or war before taking any fresh positions.
GOLD
A close over $645.50 will result in $678 next week. On the lower side $627.80 and $624.30 are the initial support level with $618.80 and $613.40 as the key short term support. As long as gold holds the technical congestion between $609.15 and $609.80 on closing basis the downside is limited.
SILVER
A close over 1174.00 will result in $1236.50 and $1304 next week. On the lower side $1120.00 and $1090 are the initial support levels with $1071 as the key support level.
Happy Profitable Trading & a Great Weekend.
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-- Posted Friday, 28 July 2006 | Digg This Article

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