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-- Posted Thursday, 19 April 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $695.70	COMEX SILVER MAY FUTURE -- $1404.00
EXPECTED TRADING RANGE
GOLD JUNE -- $687.70 -- $707.00	SILVER  MAY -- $1380.0 - $1440.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY  -- $359.00.00 - $370.00	NYMEX CRUDE OIL  APRIL    - $62.80 - $66.00
GENERAL MARKET CONDITIONS
There is hardly anything to comment on metals as they remain firm on the back of continued weakness in US dollar and firm crude oil prices. The dollar hit fresh 26 year lows against the British pound, 24 year lows against the New Zealand dollar and 2.5 year lows against the Euro and there is more to come over the next few weeks. Foreign exchange traders are of the belief that a stronger currency will not hurt UK and Eurozone economy unlike 2003 as their economies are much stronger than 2003 and that are going to wither the storm of a stronger currency. The ill-effects of a stronger currency will not be felt in one day. If euro and sterling remain firm in April to June quarter, the effects will be reflected in economic number of July to September quarter. There is a lagging effect on economy due to a stronger currency. The effects of soccer world cup on Eurozone economy is over and that real test for the Eurozone economy is beginning.   Today is the much hyped “Akshay Tritiya”. Last year gold and silver fell the next day after Akshay Tritiya and it will remain to be seen whether history repeats itself courtesy a weaker US economy. The world gold council has been giving advertisements in almost of the television channels of India to buy gold on this auspiciouis day. Akshay Tritiya is not celebrated in Northern India and that it is these advertisements which create the need to buy gold and celebrate. Despite all the support from world gold council most of the jewelers are disappointed as gold demand has not risen as per expectations.    Gold and silver are firm on the back of a weaker US dollar and higher base metals prices. A change in the direction of any of the two will adversely affect prices unless there is a technical break out.
COPPER – MAY FUTURE
As long as copper holds $362.00 there is every possibility of $374.00 and $389. Only a daily close below $362.00 will result in $343.00 and $323.40.
SILVER -- MAY  FUTURE
As long as holds $1472 there is every possibility of $1500 and $1538. Only a daily close below $1374 will result in further losses to $1354 else the downside is limited.
Happy Profitable Trading
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-- Posted Thursday, 19 April 2007 | Digg This Article

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