-- Posted Wednesday, 6 September 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $646.60	COMEX SILVER DECEMBER FUTURE -- $1314.0
EXPECTED TRADING RANGE
GOLD -- $636.60 -- $668.50	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.9,640- Rs.9,940	Rs.20,100 - Rs.21,100
COPPER NOVEMBER FUTURE	CRUDE OIL SEPTEMBER FUTURE
Rs.368.00 - Rs.388.00	Rs.3,140 - Rs.3,280
GENERAL MARKET CONDITIONS
As expected gold edged past the key technical resistances on retail investment demand and hedge fund demand. Copper and other base metals also rose on expectations that production will not be able to keep pace with rising global demand.  The war of words between US and Iran continues ahead of the UN security council meeting tomorrow.  Commodity linked hedge funds and mutual funds are increasing at a very fast pace in every country, so the demand from them will show prevent gold and silver prices from a major slide.   In India retail physical demand for gold zoomed yesterday. Huge demand was seen in Delhi, Calcutta and Mumbai among other cities. Demand was particularly visible from investors who brought gold bars. Traders and jewelers also started increasing their gold and silver inventory levels. This is a sign of further gains in gold and silver. The general sentiment in India is that gold prices should soon reach INR 12,000 per ten grams. There is lack of major market moving economic news today. The momentum is certainly bullish.
GOLD -- DECEMBER FUTURE
Gold targets $657 and $668 as long as it holds $638 on closing basis. Only a consolidated fall below $638 will result in further losses to $634.50 and $628.
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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Prepared By Chintan Karnani. Web Site:www.insigniaindia.com

-- Posted Wednesday, 6 September 2006 | Digg This Article

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