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-- Posted Wednesday, 24 January 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $645.60	COMEX SILVER MARCH FUTURE -- $1334.00
EXPECTED TRADING RANGE
GOLD -- $636.00 -- $660.00	SILVER -- $1290.0 - $1390.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $254.00 - $274.10	NYMEX CRUDE OIL  DECEMBER - $51.85 - $56.60
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD FEBRUARY FUTURE/10 GRAMS	SILVER MARCH FUTURE/KG
Rs.9135 - Rs.9400	Rs.19,300 - Rs.20,300
NATURAL GAS FEBRUARY FUTURE	CRUDE OIL FEBRUARY FUTURE
Rs.308.00 - Rs.340.00	Rs.2,360 - Rs.2510
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD FEBRUARY FUTURE/10 GRAMS	SILVER FEBRUARY FUTURE/KG
Rs.9200- Rs.9,400	Rs.19,200- Rs.20,175
STEEL FEBRUARY FUTURE	CRUDE OIL FEBRUARY FUTURE
Rs.19139.00 - Rs.19509.00	Rs.2,320 - Rs.2520.00
GENERAL MARKET CONDITIONS
Fund buying and technical break out apart from a weaker a US dollar and higher crude oil prices resulted in gold and silver edging higher. Oil rose after the U.S. announced plans to double the US’ emergency oil reserve to 1.5 billion barrels by 2027.  Beginning this Spring, this would involve a demand of 100,000 barrels a day.  This announcement may just have what it takes to cement the bottom for oil prices. Higher crude oil prices will support gold and silver and interest rates as well.   President George W. Bush, in his first State of the Union address to a Congress controlled by Democrats, urged both political parties to put aside differences and focus on battling terrorism and accomplishing ``big things'' for the American people. Weakened by the unpopularity of the Iraq conflict and his party's loss of power in Congress, Bush defended his war strategy and made a plea for patience. He pressed lawmakers to stand together in the wider battle against terrorism and said they could find common ground in his health care and energy initiatives, as well as his past proposals on immigration and education. Mr. Bush is not concerned with US economic growth and the welfare of US citizens. He is just interested in protecting US citizens from terror attacks for which a mirage has been created in the mindset of US citizens by Mr.Bush. There will be geopolitical uncertainties over the next two years under the remaining tenure of Mr.Bush. The US dollar should get weaker and gold and silver edge to multi year highs.
GOLD -- FEBRUARY FUTURE
Gold needs to break and hold $660 for $693.60 and $730. On the lower side as long as $636.0 holds on closing basis the downside is limited.
SILVER -- MARCH FUTURE
Silver can target $1425 and $1545 over the coming weeks as long as it holds $1305 on closing basis. A consolidated fall below $1305 will result in further losses to $1272 and $1239.
Happy Profitable Trading
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errors in, or omissions of Information.

-- Posted Wednesday, 24 January 2007 | Digg This Article

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