The countdown for 2007 has begun with just ten trading sessions to go (including today). 2006 has been a historical year for gold, silver and commodities which will continue into 2007.From January to mid May the bulls had the edge as metal rose to multi year highs. Silver was particularly buoyed by the launch of exchange traded fund (ETF). From mid may to September crude oil prices crossed $70 but failed to hold on to the same as Katrina, Rita and the sisters did not visit Gulf of Mexico and Iran, Syria and middle east tensions slowly moved under wraps. Gold and silver traded with a softer bias in this period but still higher. October to December quarter was the US president suffering a jolt in the state election and the US dollar at last tumbled. Bulls and bears are fighting it out in October to December period with bulls still having the upper hand. Platinum rose to historical highs in November once on exchange traded fund launch. This is 2006 in brief.
There is lack of major market moving news other than Opec reducing production. US dollar has gained but today is a very crucial day for the greenback and if it is able to make further inroads against the major currencies and close stronger then only it will gains else it US dollar may have topped out. Gold and silver despite being in a consolidation phase are performing exceedingly well and a technical breakout is in the offing soon. Volumes will fall from next week as we move into Christmas and New year.
GOLD -- FEBRUARY FUTURE
Gold needs to hold $617.40 to prevent a slide to $603.20 On the higher unless there is a daily close over $643.70 the upside will be limited. Only a consolidated break of $643.70 will result in $655.80.
SILVER -- MARCH FUTURE
Silver needs to hold $1354 to prevent further losses to $1305 and $1234. On the higher there is a strong resistance between $1415 and $1435. A consolidated break of $1435 will result in $1490 as the next target.
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