Copper rose over 3.50% yesterday on higher hedge fund demand. Copper, nickel, and other base metals (except zinc) are rising on the back on robust demand and lower global inventories. The speculative element in copper and other base metals as China is not slowing down. Markets are of the belief that copper will could test and even break 2006’s highs. Copper and other base metals are liquidity driven.Yesterday equity markets have risen over 1% in most parts of the world. Once again it the Japanese money that is driving every market as the yen weakens. At the moment there are is more bullish news in copper and other base metals than bearish news which includes a technical break out. However I will be cautious in comex copper may future over $360.0.
Gold and silver are holding on to the key technical support levels and are posed for higher gains. Volumes will reduce from tomorrow as move into Easter holiday. Physical demand from India and other parts of Asia will remain firm. London markets are closed on Monday so there will not be any fixing. In India, at higher levels physical dealer of gold tend to buy gold at unfixing rates. We expect this trend to continue till spot gold breaks $676.00.
GOLD -- JUNE FUTURE
Gold needs to break and close over $677.00 for further gains to $692.60. On the lower side $665.70 is the initial support with $661.10 and $653.80 as the key support.
SILVER -- MAYFUTURE
Silver needs to break $1360 and $1369 for further gains to $1397. On the lower side only a daily close below $1320 will result in further losses to $1270.
Happy Profitable Trading
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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.
Prepared By Chintan Karnani. Web Site:www.insigniaindia.com
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
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.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC 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, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
