current account deficit numbers. Crude oil prices rose after BP said its Thunder Horse oil project in the Gulf of Mexico would not be ready until 2008.The planned 250,000 barrels a day field was expected to come on stream over the next 12 months after it was hit by Hurricane Katrina last year. Technically crude oil prices are expected to test $65.50, and $66.20.
It’s just the combination of lower crude oil prices and a stronger US which had driven gold and silver lower. Crude oil prices should bottom out soon while the US dollar positive run should be over in the coming weeks. The Iran factor is not of the woods as yet and can change anytime. Strikes in various copper mines and stronger Asian growth prospects should support copper and base metal prices. All factors suggest that gold and silver should form a bottom in September and thereafter restart its northward journey.If gold and silver rise from the current levels then short positions will get squared and new long positions will get created further supporting the prices.
GOLD -- DECEMBER FUTURE
Gold needs to breaks $598.50 for $614. and $623. On the lower side $586.60 is the initial support with $576.50 and $566.60 as the key short term support levels.
SILVER -- DECEMBER FUTURE
Silver has managed to hold on to the key technical support of $1103 and needs to break $1143 for $1203 and $1262. On the lower side $1188 is the initial support with $1062 as the key short term support.
Happy Profitable Trading
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