-- Posted Wednesday, 25 April 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $686.70	COMEX SILVER JULY FUTURE -- $1391.00
EXPECTED TRADING RANGE
GOLD JUNE -- $678.00 -- $697.00	SILVER  JULY  -- $1373.0 - $1430.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $339.10.00 - $371.00	NYMEX CRUDE OIL  MAY    - $63.80 - $67.00
GENERAL MARKET CONDITIONS
Copper started the sell of after Sales of existing homes suffered their biggest drop in 18 years due to poor weather, a correction from stronger January and February levels, spillover from the sub prime sector and the reluctance of existing homeowners to reduce prices. The sell off in copper resulted gold, silver and crude oil prices. Gold, silver fell even as the US dollar weakened after Consumer confidence also hit an 8 month low as rising gas prices at the pump raised concerns about income and business conditions.  Consumers are also wary about the current conditions in the labor market and the outlook for jobs in the months ahead.    The current correction in gold, silver and copper is just a technical correction which if continues today also could last for a few more days.  The short term as well as medium term bullish trend is still intact. The only risk to gold and silver is the sell off in base metals and sustained in fall in global equity markets and fall in carry trades. It’s a highly liquidity driven markets at the moment. Volatility will rise for the rest of the week. April has been a great month for precious metals as well as base metals. A correction was in the offing as the month comes to a close.     One thing which I would like to remind the readers of this report is that the levels which we give for gold, silver and copper are just expected prices and not trading calls or a recommendation to buy or sell. Markets are news driven and the trend can change from bullish to bearish and vice – versa. One should use trailing stop losses on their trades. The level of stop losses will vary from individual to individual depending on risk appetite of the person.
COPPER – JULY FUTURE
Failure of copper to break 371.50 this week could result in a fall to $333.10. A consolidated break of $371.50 will result in $391.80.
SILVER -- JULY  FUTURE
Silver needs to hold $1365 to prevent further losses to $1315 and $1336. On the higher side $1414 and $1431 are the initial resistances with $1452 as the key resistance.
Happy Profitable Trading
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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errors in, or omissions of Information.

-- Posted Wednesday, 25 April 2007 | Digg This Article

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