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Asian Metals Market Update for 1st May, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 1 May 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD JUNE FUTURE -- $681.20

COMEX SILVER JULY FUTURE -- $1362.00

EXPECTED TRADING RANGE

GOLD JUNE -- $673.00 -- $690.00

SILVER  JULY  -- $1330.0 - $1396.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER JULY   -- $358.10.00 - $370.00

NYMEX CRUDE OIL  JUNE    - $63.80 - $67.00

NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)

GOLD JUNE FUTURE/10 GRAMS

SILVER JUNE FUTURE/KG

Rs.9177- Rs.9,348

Rs.18,680- Rs.19,200

COPPER MAY FUTURE

CRUDE OIL MAY FUTURE

Rs.317.40 - Rs.332.00

Rs.2,791 - Rs.2871.00

GENERAL MARKET CONDITIONS

  The months of may and june have fourty five trading session of comex future trading. Each day in these months will be memorable. Gold and silver will hot up with the summer heat. One should expect higher volatility for the next two months. $700 and $730 for spot gold and $1500 and $1600 for spot silver will be watched by investors. Failure to edge them could spell losses of ten percent to fifteen percent. There will be also be questions over the longetivity over the US dollar weakness. Central bank will be tested on their currency gains against the US dollar. I will also be watching for the real estate market and looking for early signs of cool down not just in eurozone and UK but also in India. Hurricane and weather related news will dominate crude oil prices apart from refinery supply constraints.

 

In India as per the Hindu calendar there is an inauspicious month called the “Adhik Maas” between 17th May, 2007 and 16th June, 2007. There will not be any marriages and other auspicious events during this period. Gold and silver buying is considered auspicious among the Indians. Indian gold demand will fall during this period. Retailers will maintain lower inventory during this period unless gold falls and looks attractive.

 

Investors and traders are nervous and are booking profits on every rise. Gold and silver needs to break key technical resistances to reinforce investor bullishness, till then there will be profit taking on every rise. 

 

GOLD -- JUNE FUTURE

  Gold is back to square one as it needs to break $690.00-$700.30 for $707 and $735. On the lower side $678.0 is the initial support with $669.50 as the key intra day support.

 

SILVER -- JULY  FUTURE

  Silver needs to break and hold $1387 for $1404 and $1437  On the lower side $1330 and $1306 are the supports.

 

 

Happy Profitable Trading

 

Services provided: SMS service on MCX, NCDEX and Comex Metals and Energies, Daily Reports, Weekly Reports and Monthly Reports. In India we also provide hedging strategies to industrial user on precious metals and base metals.  Please visit our new website www.insigniaconsultants.in for details.

 

 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 employees  have any liability 

for any losses incurred in connection with any decision made, action or inaction taken by any

 party  in reliance upon the information provided in this material; or in any delays, inaccuracies,

errors in, or omissions of Information.


-- Posted Tuesday, 1 May 2007 | Digg This Article


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:





 



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