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-- Posted Tuesday, 6 February 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $654.00	COMEX SILVER MARCH FUTURE -- $1351.00
EXPECTED TRADING RANGE
GOLD -- $647.00 -- $667.00	SILVER -- $1310.0 - $1390.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $235.00 - $256.00	NYMEX CRUDE OIL  FEBRUARY  - $57.20 - $61.20
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD MARCH FUTURE/10 GRAMS	SILVER MARCH FUTURE/KG
Rs.9280- Rs.9,460	Rs.19,560- Rs.20,333
STEEL FEBRUARY FUTURE	CRUDE OIL MARCH FUTURE
Rs.19625.00 - Rs.20075.00	Rs.2,560 - Rs.2660.00
GENERAL MARKET CONDITIONS
US president Bush budget will only result in higher gold and silver prices as he plans to increase troops in Iraq and Afghanistan. Mr. Bush plans to boosts defense spending 12% and projects a surplus in five years and he also seeks billions in savings from Medicare and Medicaid. The increase in expenditure to fight wars in Iraq and Afghanistan will only increase geopolitical risk which will support bullion prices. U.S. savings rate for 2006 is a negative 1% which is the lowest since a negative 1.5% rate in 1933, during the time of one of the worst economic depressions in U.S. history. The reduction of US budget could happen by way of protectionism which will be negative for the US dollar as there could be further cost escalation in global wars fought by the Bush administration.     Gold and silver will trade with firm with traces of bird flu in parts of Japan and UK. Iran has set up two cascades of 164 centrifuges each in its underground nuclear plant, laying a basis for full-scale enrichment of uranium and upping the stakes in a standoff with the West. Crude oil failed to break $60 but is hovering near $50. The only risk is the G7 meeting over the weekend which has resulted in yen gaining.
GOLD -- APRIL FUTURE
Gold needs to break $660-$670 zone for $693. On the lower side as long as $644 holds on closing basis the downside is limited. A consolidated fall below $644 will result in $634.
SILVER -- MARCH FUTURE
Silver needs to close over $1392 for further gains to $1437. On the lower side $1337 is the initial support with $1312 and $1300 as the key support levels.
Happy Profitable Trading
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-- Posted Tuesday, 6 February 2007 | Digg This Article

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