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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
