-- Posted Wednesday, 20 September 2006 | Digg This Article

Precious Metals Market Update for 20th September, 2006
GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $580.60	COMEX SILVER DECEMBER FUTURE -- $1093.00
EXPECTED TRADING RANGE
GOLD -- $566.60 -- $596.00	SILVER -- $1035 - $1145.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DECEMBER -- $324.00 - $346.30	NYMEX CRUDE OIL OCTOBER  - $58.20 - $66.20
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD OCOTBER FUTURE/10 GRAMS	SILVER DECEMBER FUTURE/KG
Rs.8,530- Rs.8,880	Rs.16,200 - Rs.17,800
COPPER NOVEMBER FUTURE	CRUDE OIL OCTOBER FUTURE
Rs.334.00 - Rs.356.00	Rs.2,820 - Rs.3080
GENERAL MARKET CONDITIONS
There is hardly anything to comment on gold and silver as crude oil continues to drag them down. Crude oil fell after U.S. President George W. Bush said he will give European diplomacy a chance to end the dispute with Iran. Some of the hedge funds have incurred huge losses on their energy and commodity investment, liquidation of long position by them has further contributed to the slide.   Crude oil can test $56/$58 a barrel and should from there. Gold and silver have room further losses. There is huge physical demand at spot gold $572 which has so far prevented gold from falling below the same. There will be further selling pressure once gold has a sustained fall below $572, which could drag it down to $540/$550 zone. Silver can test $980.00 an ounce. There are long term bullish as well as bearish views on gold. We are on bull camp and will prefer to use the September dip as an opportunity for long term investments. One needs to have the patience, let the long term investor exit (which they have yet to) and then start to invest in gold and silver.
GOLD -- DECEMBER FUTURE
Gold needs to hold $576.80 to prevent a test of $566.60 and $546.30. On the higher side $586.50 is the initial resistance with $595.50 and $602 as they key short term resistances.
SILVER -- DECEMBER FUTURE
Silver needs to hold $1062 to prevent a fall to $1008 and $980. On the higher side $1002 is the initial resistance with $1042 as the key short term resistance.
Happy Profitable Trading
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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
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errors in, or omissions of Information.

-- Posted Wednesday, 20 September 2006 | Digg This Article

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