Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story

 Disclaimer 

Latest Headlines


Homage to Jacques Rueff
By: Bill Bonner & The Daily Reckoning Crew

COT Gold, Silver and US Dollar Index Report - August 8, 2008
By: GoldSeek.com

How to Calculate Your Own Gold Price Projection
By: Jeff Clark, Managing Editor – BIG GOLD, Casey Research

What Made the Gold Price Drop Through $900?
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch

The American Dream is Just That
By: Peter Schiff, Euro Pacific Capital, Inc.

Gold Bull Seasonals 3
By: Adam Hamilton, Zeal Intelligence LLC

Key Strategies for Profit Today
By: Deepcaster

Gold Retreats Deeper into the Range
By: Peter A. Grant, USAGOLD

Small Cap Stocks
By: David Morgan, Silver Investor

Ira Epstein & Company Weekly Metal Report
By: Ira Epstein


Search

GoldSeek Web



 
Asian Metals Market Update for 1st February, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 1 February 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD APRIL FUTURE -- $659.00

COMEX SILVER MARCH FUTURE -- $1364.00

 EXPECTED TRADING RANGE

GOLD -- $652.00 -- $670.00

SILVER -- $1324.0 - $1425.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MARCH -- $254.00 - $270.10

NYMEX CRUDE OIL  FEBRUARY  - $56.40 - $60.20

MULTI COMMODITY EXCHANGE OF INDIA (MCX)

GOLD APRIL FUTURE/10 GRAMS

SILVER MARCH FUTURE/KG

Rs.9380 - Rs.9600

Rs.19,700 - Rs.20,700

NATURAL GAS FEBRUARY FUTURE

CRUDE OIL FEBRUARY FUTURE

Rs.322.00 - Rs.369.00

Rs.2,480 - Rs.2612

NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)

GOLD FEBRUARY FUTURE/10 GRAMS

SILVER FEBRUARY FUTURE/KG

Rs.9220- Rs.9,400

Rs.19,500- Rs.20,500

STEEL FEBRUARY FUTURE

CRUDE OIL FEBRUARY FUTURE

Rs.19675.00 - Rs.20200.00

Rs.2,460 - Rs.2620.00

TRADING TIP OF THE DAY

Buy gold April with stop loss of $636.00 target $690.0

GENERAL MARKET CONDITIONS

Every news is turning out to be positive for gold and silver. Crude oil continues to rise after the Opec production cuts start from today, the US dollar is weaker after the Federal Reserve failed to deliver the degree of hawkishness that the market was anticipating and a rise in German retail sales. Earlier yesterday evening UK police unearthed a terror kidnapping plot. 

 

The US dollar will continues to remain weak on interest rate differentials. European Central bank (ECB) and the Bank of England are expected to raise interest rates one more time. Even stronger January payroll numbers tomorrow will not support the US dollar. The Japanese Yen broke higher after comments from US Treasury secretary Paulson. Paulson indicated today that the US is watching the Japanese Yen very carefully and said that he was very frustrated with China’s currency regime.  Although these two statements do suggests that the US may support critical comments about the Asian currencies, his latter statements still leaves things up in the air. Currency movement could be the theme in the G7 meeting next weekend which is resulting in position squaring and rebuilding.

 

After a series of upside surprises in US data, many traders had begun to price in the possibility of an interest rate hike by the Federal Reserve later this year.  However, what the Fed chose to tell us instead is that even though there are signs of recovery, they need to see at least two more months of data before pulling the trigger.  Their concern is that the recent strength may be as much of a fluke as the weather patterns that we have seen so far this year, which is why for the time being, they feel that the housing market is only showing “tentative signs of stabilization.”  Unless there is continued US economic growth the US dollar will trade with a weaker bias. A weaker US dollar will always prevent gold and silver prices from falling.

 

There is also strike news in the base metals segment. The union representing workers at Xstrata Plc's big nickel operations in Sudbury said it is waiting for the Anglo-Swiss miner to respond to its latest proposals as the deadline to reach a new contract agreement looms. If a deal is not reached by midnight, more than 1,000 mine, mill, and smelter workers could walk off the job, disrupting production at an operation that accounts for about 4% of the world's nickel smelting capacity. Workers at Chile's 115,000 tonne-per-year Cerro Colorado copper mine, who voted to reject a final pay offer from owner BHP Billiton were due to meet management in a bid to avert a strike.

 

Markets are still digesting series of news from the foreign exchange markets as well as the commodity markets and should stabilize with a firm bias for the rest of the week.

 

GOLD -- APRIL FUTURE

  Gold needs to break $660-$670 zone for $700. On the lower side as long as $642 holds on closing basis the downside is limited. A consolidated fall below $642 will result in $634.

 

SILVER -- MARCH FUTURE

  Silver needs to break $1370-$1380 for further gains to $1425. On the lower side as long as $1312 holds on closing basis the downside is limited. A consolidated fall below $1312 will result in $1300 and $1252.

 

Happy Profitable Trading

 

  Further MCX, NCDEX and Comex future Analysis can be obtained by registering to our

website www.insigniaindia.com where readers can obtain the one week analysis free and

learn about subscription details. Comments and questions are also invited via email to 

chintan@insigniaindia.com

 

 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, 1 February 2007 | Digg This Article


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email:





 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 



© 1995 - 2008


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.
OilSeek.com