Gold and silver are trading in a range as markets ignore the North Korea nuclear test. Crude oil prices as well as the US dollar are also trading in a range. Technically gold is bearish while silver is not so bearish. However event risk and demand factors are preventing traders form going too short. The rise in copper and zinc prices in the London metals exchange is also supporting gold and silver prices.
Gold and silver should soon break out of the current trading range despite the high volatility. Markets expect the US economy to slowdown in 2007 which is preventing the flow to hot money into gold and silver. However the current lower crude oil prices will delay the slowing down of US economy and consumer spending as well as consumer confidence should see a jump over the coming months. At the moment everything is sea calm in the globe whether in the economic news front or the geopolitical risk. As when uncertainties arise investment demand in gold and silver will also see a rise. For the time being traders as well as investors have to be content with higher two way movement.
GOLD -- DECEMBER FUTURE
A break of $586.50 will result in re test of $600 and $614. On the lower side $574.20 is the initial support with $562.60 as the key short term support.
SILVER -- DECEMBER FUTURE
Silver needs to break $and hold 1152 and $1184 for $1220 and $1256. On the lower side $1124 is the initial support with $1105 as the key short term support.
Happy Profitable Trading
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