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

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

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