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-- Posted Wednesday, 8 November 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $627.90	COMEX SILVER DECEMBER FUTURE -- $1271.00
EXPECTED TRADING RANGE
GOLD -- $618.60 -- $638.70	SILVER -- $1236 - $1310.00
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.9,060- Rs.9,270	Rs.18,738 - Rs.19,438
STEEL DECEMBER FUTURE	CRUDE OIL DECEMBER FUTURE
Rs.18793.00 - Rs.19068.00	Rs.2,640 - Rs.2800
GENERAL MARKET CONDITIONS
If there is no Osama bin laden, no Saddam Hussein no Iranian nuclear issue or the middle east issue, what would the republicans do to win an election in US. George Bush and his party try to scare the Americans that any country which has nuclear weapons will attack US so they try to keep these issues alive in the mindset of Americans voters. The republicans cannot use economic prosperity to win electoral mandate as the American economy is slowing down and the Americans are burdened with higher interest rates and credit card debt and mortgage debt. Economic numbers are mere statistics and even if they are can be fudged the ground reality will not change. The end result gold and silver will continue to rise in the long term but volatility will increase in the short term and medium term.   Technically gold and silver are bullish. However spot gold needs to float over $635 for more than seventy two hours to re target $668 and $700, else there will be sellers over $635.0. Silver as usual makes a new high and consolidates in that level for a few trading session before the next move up or down. The average volatility in silver for the past six months has reduced and silver has now become a very safe metal to trade in.   The final picture of the elections will give a short term direction on the US dollar, crude oil prices as well as gold and silver. The key thing to watch out for whether the decision making power of the Bush administration is increased or takes a setback.
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 Wednesday, 8 November 2006 | Digg This Article

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