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Asian Metals Market Update for 27th October, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Friday, 27 October 2006 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $597.90

COMEX SILVER DECEMBER FUTURE -- $1217.50

 EXPECTED TRADING RANGE

GOLD -- $582.50 -- $618.80

SILVER -- $1182 - $1290.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DECEMBER -- $332.00 - $362.00

NYMEX CRUDE OIL  NOVEMBER  - $59.50 - $64.00

GENERAL MARKET CONDITIONS

  It has been a very volatile week for gold and silver. On the Monday and Tuesday gold and silver while for the rest of the week they pared all the early week losses and edged higher. Higher crude oil prices and US dollar weakness have supported gold ad silver prices. Crude oil and the US dollar will continue to dictate the movement of gold and silver prices.

 

Former Fed Chairman Greenspan at a conference said that “We're beginning to see some move from the dollar to the Euro, both from the private sector, also from monetary authorities and central banks." No one knows the US dollar better than Mr. Greenspan and his view could just mark the beginning of a major US dollar depreciation which we have been commenting all through 2006 but was not happening.

 

Any sustained gold rise will result in higher investment demand. The laggards who have been waiting for gold to break and edge past $600 will soon start to invest as soon as there is a sustained break over $600. Right now short term traders and investors are apprehensive as gold on previous occasions has risen to $609 and thereafter fell to $570. Medium to long term bullishness remains intact for gold and silver. We still maintain $700 as the medium term target for gold.

 

Silver as expected continues o outperform gold. For long term silver is a better investment option. However since it is more volatile than gold, it is not recommended for low risk long term investors. Over a period of time silver will detach itself from gold as well as fluctuations in other financial markets. Silver should target $1650 over the coming months.

 

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 $1228 for $1290. On the lower side $1199 is the initial support and $1182 and $1157 as the key supports.

 

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 Friday, 27 October 2006 | Digg This Article


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