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-- Posted Friday, 17 November 2006 | Digg This Article

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $617.90	COMEX SILVER DECEMBER FUTURE -- $1282.00
EXPECTED TRADING RANGE
GOLD -- $610.00 -- $630.10	SILVER -- $1248 - $1320.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DECEMBER -- $298.00 - $315.00	NYMEX CRUDE OIL  NOVEMBER  - $57.00 - $61.72
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD DECEMBER FUTURE/10 GRAMS	SILVER DECEMBER FUTURE/KG
Rs.9112- Rs.9,300	Rs.18,800- Rs.19,600
STEEL DECEMBER FUTURE	CRUDE OIL DECEMBER FUTURE
Rs.18200.00 - Rs.19000.00	Rs.2,710 - Rs.2820
GENERAL MARKET CONDITIONS
Gold refuses to break $630.00 while the US dollar refuses to sell-off, even in the face of broadly disappointing economic data. All due to crude oil which is set for its biggest weekly decline since October 2005, on speculation OPEC will exceed its production target. Warmer weather in US is also the culprit for lower crude oil prices. Gold december future dropped to $617.50.in Asian trade. Base metals including copper continued to sell off on expectations that the Chinese economy will cool further in 2007.   Gold and silver may consolidate till the thanksgiving holiday next week and thereafter rise. Technically gold’s failure to break $630.00 could result in a fall to $607. This is not a good sign for gold. Gold needs to conquer $636 else it will trade in wider $607 - $632 range. Traders as well as investors are ready to buy gold as crude oil futures on dips so that they may not miss the next rise. Gold loss is silvers gain as it remains firm and key short term technical support are quite below at $1176.00. Even for the day traders as well as jobbers silver’s range trade gives more return than gold.   The Indian rupee is highly volatile against the dollar over the past few trading sessions. Rupee gained to 44.38 last week and thereafter weakened to 45.33 only to fall to 44.9450 yesterday. This is affecting is MCX and NCDEX gold and silver prices as well as physical traders and arbitragers. There are traders who take advantage of the price difference between MCX future and Comex future and take advantage by buying and selling in either of the markets. Rupee has a support at 44.40 and 43.80. Resistance is at 45.25, 45.50 and 45.90.   Crude as well as the US dollar will continue to dictate gold and silver prices. Some of the key short term technical support may be tested for gold. Intra day traders should keep on booking partial profits on their trades.
GOLD -- DECEMBER FUTURE
Gold needs to hold $613.60 on closing basis to prevent a slide to $607.20 and $596.80 next week. Resistance is at $624, $630.60 and $637.60.
SILVER -- DECEMBER FUTURE
Silver has a support at $1254 and $1228 with $1180 as the key support. Resistance is at $1335 and $1430.
Happy Profitable Trading & A Great Weekend.
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-- Posted Friday, 17 November 2006 | Digg This Article

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