-- Posted Tuesday, 5 September 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $636.30	COMEX SILVER DECEMBER FUTURE -- $1319.0
EXPECTED TRADING RANGE
GOLD -- $624.60 -- $657.50	SILVER -- $1292.0 - $1372.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DECEMBER -- $332.00 - $356.30	NYMEX CRUDE OIL AUGUST  - $68.65 - $73.10
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD OCTOBER FUTURE/10 GRAMS	SILVER DECEMBER FUTURE/KG
Rs.9,530- Rs.9,710	Rs.20,100 - Rs.21,100
COPPER NOVEMBER FUTURE	CRUDE OIL SEPTEMBER FUTURE
Rs.354.00 - Rs.365.00	Rs.3,200 - Rs.3,320
GENERAL MARKET CONDITIONS
Volumes should pick up as the week progresses.  Summer is over, central bank manipulation of gold will not last long and gold should soon break free of the recent $616 - $635 trading range. Since silver is not manipulated by central banks it is rising. Iranian risk is far from over which will prevent traders from going short. Cyclical demand will continue to support gold and silver prices.   A tropical depression in the central Atlantic Ocean headed toward the Caribbean Sea could strengthen into Tropical Storm. The depression will graduate to a tropical storm once sustained winds reach 39 miles an hour, and it may become a hurricane in three to five days. It's too early to predict possible threats to land. Storm news will also support crude oil as well as gold and silver prices, however nature will not say when and where it will strike next.   Primary driver for gold, silver and metal market activity will be the return of full market activity. Traders have started increasing their inventory levels of gold, silver and copper on expected rise in future demand. Investment activity will also pick up as traders reshuffle their portfolio. Laggards who have yet to invest in gold and silver will sooner than later invest in gold and silver. To sum it up, gold and silver prices may have bottomed out in August.   Economic data is light with no data due for release tomorrow and only the Federal Reserve’s Beige Book report and non-farm productivity on Wednesday.  The labor market is holding on strong, which could help to boost the outlook for the report by some districts, but recent evidence of a slowdown in the housing market should temper that.  This suggests that for the time being, the risks for the US dollar and the US economy are still continuing to grow.
GOLD -- DECEMBER FUTURE
Gold needs to break and hold $642.50 for $657 and 668. On the lower side $624 and $621 are the initial support levels with $616.60 as the key short term support.
SILVER -- DECEMBER FUTURE
Silver targets $1344 and $1392 as long as its holds $1282 on closing basis. On the lower side only a consolidated fall below $1282 will result in $1246 and $1202.
Happy Profitable Trading
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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 Tuesday, 5 September 2006 | Digg This Article

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