-- Posted Monday, 6 November 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $630.50	COMEX SILVER DECEMBER FUTURE -- $1268.00
EXPECTED TRADING RANGE
GOLD -- $618.60 -- $648.70	SILVER -- $1228 - $1342.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DECEMBER -- $328.00 - $343.00	NYMEX CRUDE OIL  NOVEMBER  - $57.00 - $61.72
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD DECEMBER FUTURE/10 GRAMS	SILVER DECEMBER FUTURE/KG
Rs.9,049- Rs.9,514	Rs.18,550 - Rs.19,600
COPPER NOVEMBER FUTURE	CRUDE OIL NOVEMBER FUTURE
Rs.324.00 - Rs.347.00	Rs.2,580 - Rs.2800
GENERAL MARKET CONDITIONS
Republicans or Democrats whoever looses, gold and silver are the ultimate winners. Saddam Hussein, has been sentenced to death by a Baghdad court after being found guilty of crimes against humanity. This is last ditch effort by US president Bush to ensure that republican win in the elections this week. Gold has risen more than ten percent from the October lows over the past two weeks. Last week for once gold had outperformed most of commodities. Gold will soon be de-linked from the US dollar and movement in other financial markets. Gold and silver will be a separate asset class for the future investment community. But we not expect continuous one way traffic in gold and silver, as experienced between December 2005 and April 2006. There will be corrections with the successive higher base getting lower.   In the July when Hezbollah attacked Israel, gold futures had risen to $668 only to fall thereafter. The difference between July and November is that central bank sales are absent. It will remain to be seen whether $668 will be breached this time. If gold December future breaks and floats over $668 for more than seventy two hours then a re test of $730 is on the cards.   Copper has disappointed, technically bearish and needs some big drop in London metal exchange inventories for gains. If the global economy slows down in 2007 then there will be correction in copper prices. Comex copper December needs to hold and close over $332.30 all through the week to prevent a slide to $318.40 and $307. Resistance at $343.40.   Despite the bullish trend one needs to cautious this week and keep on booking partial profits on long positions and also be on the alert for any signs of minor correction. Volatility will increase as the week progresses.
GOLD -- DECEMBER FUTURE
Gold needs to break and close over $638 for three consecutive days for an assault at $700 else there will be sellers between $640 - $645. Support at $624.00 and 618.80 and key support at $614. Resistance is at $638.20, $644.90 with key resistance at $658.60
SILVER -- DECEMBER FUTURE
Silver needs to break and close over $1290 for $1322 and 1408. On the lower side $1252 is the initial support with $1228 as the key weekly support.
Happy Profitable Trading
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-- Posted Monday, 6 November 2006 | Digg This Article

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