-- Posted Tuesday, 7 November 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $624.70	COMEX SILVER DECEMBER FUTURE -- $1263.00
EXPECTED TRADING RANGE
GOLD -- $614.60 -- $638.70	SILVER -- $1228 - $1325.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DECEMBER -- $328.00 - $343.00	NYMEX CRUDE OIL  NOVEMBER  - $57.00 - $61.72
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD DECEMBER FUTURE/10 GRAMS	SILVER DECEMBER FUTURE/KG
Rs.9,049- Rs.9,336	Rs.18,738 - Rs.19,600
STEEL DECEMBER FUTURE	CRUDE OIL DECEMBER FUTURE
Rs.18780.00 - Rs.19360.00	Rs.2,680 - Rs.2860
GENERAL MARKET CONDITIONS
Traders are on the edge of their seats till the results of the elections are known. There was mild profit taking which result in December gold future falling to a low of $623.70 while silver continued to range trade. At higher levels traders and some of the investors were exiting their previously held positions, which prevented further gains in gold and silver. The US dollar is weaker today. Looking back at the last six mid-term elections, the US dollar has rallied in all but one (2002) and in each of these cases, there was a one party majority win. This suggests that the currency market actually likes political harmony and dislikes political gridlock. Therefore, should the Democrats win either the House or Senate, the dollar could resume last month’s weakness.  If Republicans retain control on the other hand, November could prove to be a dollar bullish month. Gold and silver will soon be de-linked from the movement in currency markets. The movement in currency markets will add only to intra day volatility and nothing else.   For the day gold could once again be caught between the US dollar and crude prices which could increase the volatility. Despite the bullish trend one need’s 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.
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 & A Great Weekend
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-- Posted Tuesday, 7 November 2006 | Digg This Article

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