GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $627.20

COMEX SILVER DECEMBER FUTURE -- $1292.00

 EXPECTED TRADING RANGE

GOLD -- $618.00 -- $638.10

SILVER -- $1260 - $1335.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DECEMBER -- $300.00 - $319.00

NYMEX CRUDE OIL  NOVEMBER  - $57.00 - $61.72

NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)

GOLD DECEMBER FUTURE/10 GRAMS

SILVER DECEMBER FUTURE/KG

Rs.9110- Rs.9,360

Rs.18,950- Rs.19,700

STEEL DECEMBER FUTURE

CRUDE OIL DECEMBER FUTURE

Rs.18250.00 - Rs.18800.00

Rs.2,710 - Rs.2820

GENERAL MARKET CONDITIONS

  US retail sales and other economic numbers from US and Europe will dictate the movement of the US dollar as well gold and silver for the day. The Japan’s third quarter GDP growth was at two percent. This was the seventh straight quarter expansion. The consistent rise in Japan’s GDP could result in bank of Japan raising interest rates earlier than expected which could be another blow to the US dollar. The yen also may draw support as central banks in Russia, Switzerland and New Zealand increase their holdings of Japan's currency in their foreign exchange reserves. If Euro is able to edge past 1.30 this week then gold could easily test $658.

Comex copper december future is off the yesterdays lows $302. Yesterday most of the base metals including zinc and aluminum took a knock. London Metal Exchange copper warehouse inventories surged 3,100 tonnes to 151,300 tonnes on Monday, up 38 percent since their most recent low of 109,600 tonnes on Oct. 18. COMEX stocks were up by 134 short tons at 24,826 short tons on Friday. Concerns of a short-term supply glut at a time of weak Chinese demand has held copper futures on the defensive. The key long term support for comex copper December future is at $292 as long as $292 is held on closing basis the downside will be limited for copper.

It’s a just a consolidation phase for gold, silver as well as crude oil before the next leg higher. As long as spot gold holds $611.60 on closing basis there is every possibility of $650 over the coming weeks. Crude oil’s failure to break $61.90 could result in a fall to $57 and $55.45.

GOLD -- DECEMBER FUTURE

Gold has an initial support at $621 and $614 while resistance is at $638.20 and $652.80.

SILVER -- DECEMBER FUTURE

Silver needs to break $1335 for further gains to $1430. On the lower side $1256 and $1232 are the support levels.

Happy Profitable Trading

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