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Asian Metals Market Update for 26th October, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 26 October 2006 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $595.20

COMEX SILVER DECEMBER FUTURE -- $1200.50

 EXPECTED TRADING RANGE

GOLD -- $568.60 -- $609.80

SILVER -- $1162 - $1290.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DECEMBER -- $336.00 - $362.00

NYMEX CRUDE OIL  NOVEMBER  - $59.50 - $64.00

MULTI COMMODITY EXCHANGE OF INDIA (MCX)

GOLD DECEMBER FUTURE/10 GRAMS

SILVER DECEMBER FUTURE/KG

Rs.8,660- Rs.9,008

Rs.17,701 - Rs.18,900

COPPER NOVEMBER FUTURE

CRUDE OIL NOVEMBER FUTURE

Rs.330.00 - Rs.362.00

Rs.2,660 - Rs.2880

GENERAL MARKET CONDITIONS

  Crude oil future rose to a high of $61.72 in asian trade on the drop in both temperatures and US inventories.  Crude oil december futures have managed to hold $59 a barrel and needs to break $64 for further gains. Temperatures in North -east USA is getting colder and if this continues winters will be colder than markets expectations in the northern hemisphere. Colder weather will prevent crude oil as well as natural gas from falling and that a short term bottom may have been formed unless there are a signs of global slowdown.

 

Gold is not out of the woods yet and needs to break and close over key technical resistances for further gains. It’s the rise in Zinc prices that surprised everybody yesterday, the three month London metal Exchange (LME) crossed the $4100 mark yesterday. Copper continues to under perform base metals and is a sleeping dragon. Technically speaking gold and copper are in a short term neutral territory while silver, zinc, aluminum and other precious metals and base metals are in a bullish zone. Gold will be supported by higher base metal prices.

 

 

The US dollar fell against the major currencies even before the Fed meeting after existing home sales dropped for the sixth month in a row to a lower than expected 6.18M units for the month of September. The Fed did not upgrade their concerns about inflation and instead kept the statement virtually unchanged. Though the Fed injected a more optimistic take on future growth, the lack of changes to the inflation assessment sent the dollar as well as bond yields tumbling. We continue to remain bearish on the US dollar and if the US dollar closes weaker tomorrow then it could set the pace for more losses for the rest of the year. Any US dollar weakness will support gold and silver prices..

 

GOLD -- DECEMBER FUTURE

  Gold is trading in wider $570 - $609 range and needs to be break and close over them for $621 and $633. Initial resistance is seen at $599 and $605.20. Support at $582.20 and $577.50 with $569.40 as the key medium term support.

 

SILVER -- DECEMBER FUTURE

  Silver needs to break $1220 for $1290. On the lower side $1157 is the key weekly support with $1122 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 Thursday, 26 October 2006 | Digg This Article


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