-- Posted Thursday, 4 January 2007 | Digg This Article

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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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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errors in, or omissions of Information.

-- Posted Thursday, 4 January 2007 | Digg This Article

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