-- Posted Friday, 5 January 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $625.50	COMEX SILVER MARCH FUTURE -- $1273.00
EXPECTED TRADING RANGE
GOLD -- $618.10 -- $647.00	SILVER -- $1236.0 - $1352.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $254.00 - $284.10	NYMEX CRUDE OIL  DECEMBER - $57.20 - $61.65
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD FEBRUARY FUTURE/10 GRAMS	SILVER FEBRUARY FUTURE/KG
Rs.9008- Rs.9,333	Rs.18,600- Rs.20,300
STEEL JANUARY FUTURE	CRUDE OIL JANUARY FUTURE
Rs.19000.00 - Rs.19550.00	Rs.2,460 - Rs.2710.00
GENERAL MARKET CONDITIONS
Metals are being dictated by crude oil as well as the US dollar. However despite the fall in crude oil prices gold and silver have performed extremely well.  Crude oil top out soon while the US dollar should top out top out soon. Euro has managed to hold 1.30 and today’s December payroll numbers could test the psychological 1.30 levels. Lower crude oil prices is only the delaying the soft landing of US economy.   2007 is set to be the hottest on record worldwide due to global warming and the El Nino weather phenomenon, Britain's Meteorological Office said yesterday. The Met Office said the combination of factors would likely push average temperatures this year above the record set in 1998. 2006 is set to be the sixth warmest on record globally. The world's 10 warmest years have all occurred since 1994 in a temperature record dating back a century and a half, according to the United Nations' weather agency. It noted that as there was a time lag between El Nino and its full effect on surface temperatures, its influence would therefore be felt well into the year.  Crude oil which is falling now should rise in March and July. Higher global temperatures increases the possibility of hurricanes in the Gulf of Mexico, there could be more droughts is some parts and floods in different parts which could create scarcity in global food grain production. A rise in global weather will be inflationary and that 2006’s higher base may not be able to prevent inflation from falling. Gold and silver will continue to rise.   Trading volumes should start to rise from next week when most of the traders return to work. Physical demand of most of the metals should rise next week which will support prices unless there is a technical breakdown today.
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 $1236 - $1339 wider range. As long as $1236 holds on closing basis downside is limited. Closes below $1236 then $1202 and $1186 are the targets.
Happy Profitable Trading
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-- Posted Friday, 5 January 2007 | Digg This Article

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