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Asian Metals Market Update for 10th October, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 10 October 2006 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $584.00

COMEX SILVER DECEMBER FUTURE -- $1145.00

 EXPECTED TRADING RANGE

GOLD -- $564.60 -- $603.40

SILVER -- $1092 - $1220.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DECEMBER -- $330.00 - $362.00

NYMEX CRUDE OIL  NOVEMBER  - $58.20 - $63.00

MULTI COMMODITY EXCHANGE OF INDIA (MCX)

GOLD DECEMBER FUTURE/10 GRAMS

SILVER DECEMBER FUTURE/KG

Rs.8,580- Rs.9,040

Rs.17,225 - Rs.18,600

COPPER NOVEMBER FUTURE

CRUDE OIL OCTOBER FUTURE

Rs.342.00 - Rs.362.00

Rs.2,720 - Rs.2880

 

  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

 

For SMS and Yahoo support please mail at sms@insigniaindia.com

 

 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.

 


-- Posted Tuesday, 10 October 2006 | Digg This Article


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Sita Ram Bazar, New Delhi-110006. India.
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