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Asian Metals Market Update for 26th December, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 26 December 2006 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD FEBRUARY FUTURE -- $626.70

COMEX SILVER MARCH FUTURE -- $1286.50

 EXPECTED TRADING RANGE

GOLD -- $620.40 -- $637.40

SILVER -- $1248 - $1350.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MARCH -- $278.00 - $300.80

NYMEX CRUDE OIL  DECEMBER - $61.15 - $65.10

GENERAL MARKET CONDITIONS

  Iranian nuclear issue will be in the headlines for the next few months after UN Security council imposed sanctions. Gold, crude oil and silver will be supported Iranian news at lower levels. The resolution demands Iran end all research on uranium enrichment, which can produce fuel for nuclear power plants as well as for bombs, and halt all research and development on methods of producing or delivering atomic weapons. The thrust of the sanctions is a ban on imports and exports of dangerous materials and technology relating to uranium enrichment, reprocessing and heavy-water reactors, as well as ballistic missile delivery systems.  The measure is less restrictive than the original draft, drawn up by Britain, France and Germany, due to Russian objections. A ban on Iran's oil exports was not considered. This is another gimmick by crude oil producing nations including Russia to ensure that crude oil prices remain firm and not get bogged by lower 2007 global growth forecast. However any news of use of military force on Iran in the first quarter of 2007 could easily result in gold rising to $680-$700.

 

There could be some profit taking which should provide investing opportunity. The war of words between Iran and rest of world has started once again but this time markets will not repeat the mistake of July 2006 and not be affected in big way unless something solid emerges. Since the key long term technical supports have been held the short term bullish trend will remain intact as we move into 2007.

 

GOLD -- FEBRUARY FUTURE

  Gold needs to break $637.60 for $643.40 else it will trade in $621 - $637 range for the rest of the week. Only a daily close below $615.80 will result in further losses else the downside is limited.

 

SILVER -- MARCH FUTURE

Silver needs to break $1308 for $1339 and $1400. On the lower side supports are at $1252 and $1224.

 

 

Happy Profitable Trading

 

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 Tuesday, 26 December 2006 | Digg This Article


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