LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Asian Metals Market Update for 17th November, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Friday, 17 November 2006 | Digg This ArticleDigg It!

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.

 

For SMS and Yahoo support please mail at sms@insigniaindia.com

 

 Disclaimer : Any opinions as to the commentary, market information, and future direction of

prices of specific currencies, precious metals, base metals, or equity indices reflect the views

of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability 

for any losses incurred in connection with any decision made, action or inaction taken by any

 party  in reliance upon the information provided in this material; or in any delays, inaccuracies,

errors in, or omissions of Information.

 


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


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email:





 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.