Latest Headlines

Search

-- Posted Thursday, 1 February 2007 | Digg This Article

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: chintan@insigniaindia.com

Previous Articles by Chintan Karnani, Insignia Consultants

© 1995 - 2008

Disclaimer