-- Posted Tuesday, 15 August 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $637.00	COMEX SILVER SEPTEMBER FUTURE -- $1206.50
EXPECTED TRADING RANGE
GOLD -- $624.40 -- $656.50	SILVER -- $1172.0 - $1256.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPTEMBER -- $352.40 - $378.30	NYMEX CRUDE OIL AUGUST  - $70.80 - $75.80
GENERAL MARKET CONDITIONS
It’s all about liquidity and technical factors as far gold, silver and copper are concerned. Gold december future rose to a high $643.80 while silver September future rose to high of $1224.00 before settling lower at $1216.00. The rise in US equity markets led to rise in gold and silver. The US dollar is strong ahead of the PPI and CPI numbers. Crude oil is trading with a softer bias but not out of the bull grip.   Copper rose after strikes continued in various mines. Chinese recent sales of metal by Beijing's State Reserves Bureau had been weighing on futures prices in Shanghai and London, sharply reducing the China’s imports and encouraging exports. The SRB was looking to sell 100,000 tonnes of copper this year. They look to have sold 60,000 to 80,000 tonnes. Those sales have depressed the local market to the point where it was not worthwhile importing copper. But that selling programme may now be reaching its conclusion. Fundamentally demand will only rise with the advent of Indian festival season, Thanksgiving and Christmas. Copper bullishness is here to stay. Only a slowdown in Chinese demand will prevent any major rise. New speculative positions could result in comex copper December future nearing $430.00 over the coming months..   South Korean steel producer POSCO Co. Ltd. dismissed a report that it held a loss-making short position of 10,000 tonnes of nickel on the LME and of an additional 20,000 tonnes in the physical market. It does not seem to be an hedging demand. Every body is speculating in metals and one can expect even higher volatility in metals over the coming weeks.   Today’s close is very important for gold and silver and a close below $634.00 and $1192 will not bode well them.
GOLD
Gold needs to close over $634.00 to prevent further losses to $621.00. On the higher side $645.50 is the initial resistance with $652.50. On the higher side $645.50 and $652.50 are the initial resistance with $657.50 as the key short term resistance.
SILVER
Silver needs to hold $1192 to prevent a fall to $1138 and $1071. On the higher side $1237 is the initial resistance with $1257 as the key short term resistance.
We Wish Every Indian "A Very Happy Independence Day".
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, 15 August 2006 | Digg This Article

1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email: chintan@insigniaindia.com

Previous Articles by Chintan Karnani, Insignia Consultants

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer