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-- Posted Tuesday, 9 January 2007 | Digg This Article

 

GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $614.00	COMEX SILVER MARCH FUTURE -- $1243.50
EXPECTED TRADING RANGE
GOLD -- $602.10 -- $628.50	SILVER -- $1170.0 - $1325.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $236.00 - $272.10	NYMEX CRUDE OIL  DECEMBER - $57.20 - $61.65
GENERAL MARKET CONDITIONS
Geopolitical risk and technical buying came to the rescue of gold and silver. There have been reports that Israel is planning to secretly destroy Iran’s uranium enrichment facilities while Russia shuts down the Druzhba pipeline to Belarus.  Both have the potential to heat up while temperatures in US begin to cool. Higher temperatures have resulted in higher spending in US which can be reflected by an increase in consumer credit to $12.33 billion in November. More increases should come in December and January numbers.   Russia, accusing Belarus of stealing oil from a major pipeline, has shut off crude exports to its western neighbour, halting supplies to Poland and Germany and threatening wider disruptions in central Europe. The oil supply cut was reminiscent of a stand-off last year between Russia and Ukraine that hit gas supplies to Europe. It escalates a tit-for-tat dispute between Russia and longtime ally Belarus, who have imposed punitive oil levies on each other. Europe will sooner than later try to reduce dependency on Russian energy which could create another rate race among nations for energy security and higher crude oil and natural gas prices.   Gold, silver and other metals are not out of the woods and need to break and hold short term resistances for further gains. Investment demand at lower levels will prevent prices from a major slide from the current levels. In India long term investors have started investing in MCX and NCDEX gold and silver future. MCX gold current future have not fallen below INR 8500 and silver current future below INR 16000 over the past six months and further price slides (If any) should remain limited to these levels.
GOLD -- FEBRUARY FUTURE
Gold needs to break $619.10 for $624.80 and $635.10. On the lower side a consolidated fall below $600 will result in further losses to $594.50 and $570.0
SILVER -- MARCH FUTURE
Silver needs to hold $1239 and $1202 to once again target $1300 and $1400. A consolidated fall below $1202 will result in further losses to $1109 and $1019.
Happy Profitable Trading
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-- Posted Tuesday, 9 January 2007 | Digg This Article

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