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Asian Metals Market Update for 4th January, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 4 January 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD FEBRUARY FUTURE -- $631.20

COMEX SILVER MARCH FUTURE -- $1275.50

 EXPECTED TRADING RANGE

GOLD -- $621.10 -- $647.00

SILVER -- $1239.0 - $1339.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MARCH -- $254.00 - $284.10

NYMEX CRUDE OIL  DECEMBER - $57.20 - $61.65

GENERAL MARKET CONDITIONS 

  Commodities were hammered yesterday on profit taking and a combination of a stronger US dollar and a weaker crude oil. Gold and silver fell. Copper tumbled 7% to a near nine-month low on higher global inventories while oil slid 4% as mild weather in the U.S. Northeast kept a lid on demand for heating oil. We had mentioned at the beginning of the week that there will be tug-o-war between bulls and bears in 2007 which will result in higher intra day volatility and yesterday was just an example of the same.

 

Yesterday there was a technical correction in gold and silver and nothing else which could continue today. Depending on other factors these dips should be used as an opportunity for investment.  There is physical demand for gold and silver between $615-$625 and $12.40-$12.50 which will prevent a major fall below these levels in the short term. A fall close below these levels will also result in a technical knockout. Markets will continue to be influenced by the US dollar and crude oil prices.

 

GOLD -- FEBRUARY FUTURE

Gold needs to break $649.10 else it will trade in wider $614.40 - $649.10 range. As long as $614.40 holds on closing basis the downside is limited.

 

SILVER -- MARCH FUTURE

Silver needs break $1339 else it will trade in $1239 - $1339 wider range. As long as $1339 holds on closing basis downside is limited. Closes below $1239 then $1202 and $1186 are the targets.

 

 

Happy Profitable Trading

 

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 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 Thursday, 4 January 2007 | Digg This Article


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