-- Posted Monday, 23 April 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $696.60	COMEX SILVER JULY FUTURE -- $1407.00
EXPECTED TRADING RANGE
GOLD JUNE -- $690.50 -- $707.00	SILVER  JULY  -- $1387.0 - $1430.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $352.10.00 - $371.00	NYMEX CRUDE OIL  MAY    - $63.80 - $67.00
GENERAL MARKET CONDITIONS
Most of the Central bankers are using the foreign exchange markets for their cause. European Central Bank (ECB), bank of England (BoE) remain unconcerned about the rapid rise. ECB and Bank of England like other central banks are concerned only of controlling inflation without impairing growth and currency appreciation is the best measure for the same. The Fed in US needs a weaker US dollar to stimulate export led economic recovery for which they are letting the US dollar depreciate. On paper the central bank chiefs say they want reduce the carry trade. But the meaning is just the opposite. In the short term, they may be successful in achieving their objectives. However in the medium term to long term, these move will have a greater adverse impact in the form if rising current account deficit, a sort of cat and dog play over the fair value of currency and protectionism. Gold and precious metals are and will be best beneficiary of the same.   Carry trades will continue to support gold, silver and metal prices. Silver and copper May future expiry will result in widening of spreads between May and July series.  Silver has not gained as much as gold and copper for the past two weeks. At the moment there is direct correlation between equity markets and commodity prices which will continue this week also.
GOLD -- JUNE FUTURE
Gold needs to break $707.10 for $715 and $715. On the lower side $690.50 is the initial support with $682.10 as the key support.
SILVER -- MAY  FUTURE
Silver needs to break $1431 for $1500. On the lower side $1387 is the initial support with $1367 as the key support.
Happy Profitable Trading
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-- Posted Monday, 23 April 2007 | Digg This Article

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