Traders are squaring off their positions before Christmas and are not trading any new positions. This has resulted in gold and silver trading with a softer bias and the US dollar remaining firm despite being softer data. Volumes will fall as the day progresses into next week. Lack of major market moving news is supporting traders cause. Silver and copper are getting hammered with copper at its six month low. Copper’s technical picture is not very good and comex copper march needs to hold key long term support at $254.40 on closing basis to be in long term bear trend else the dip will provide yet another investment opportunity. Silver March has a technical congestion between $1190 and $1229 and as long as this zone holds on closing basis the bullish trend will remain intact.
The key long term technical supports could be tested in gold and silver today or next week. Holiday and thin volumes have the uncanny knack of taking markets by surprise just like we have on the thanksgiving weekend. However one should go long near the key supports with slightly higher stop loss and if the stop lossesare not hit then a great 2007 could be in store. Wish everybody a Merry Christmas.
GOLD -- FEBRUARY FUTURE
Gold needs to hold $614.30 to prevent losses to $603.10 and $594.50. On the higher side $629.20and $637.40 are the initial resistance with $643.40 as the key short term resistance.
SILVER -- MARCH FUTURE
Silver needs to hold $1224 and $1191 on closing basis to prevent further losses. On the higher side $1290 and $1311 are the initial resistance with $1339 as the key short term resistance.
MERRY CHRISTMAS and Happy Profitable Trading
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