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-- Posted Wednesday, 2 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $676.60	COMEX SILVER JULY FUTURE -- $1345.0
EXPECTED TRADING RANGE
GOLD JUNE -- $669.00 -- $684.00	SILVER  JULY  -- $1300.0 - $1372.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $344.10.00 - $364.00	NYMEX CRUDE OIL  JUNE    - $63.80 - $67.00
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD JUNE: It has been falling over this week. Needs to hold 9130 to prevent a fall to 9100 and 9055. On the higher it needs to break 9270 for 9320 and 9372 Still a sell on sharp rise strategy till it does not break 9372.   SILVER JULY:  It needs to hold 18308 to prevent a fall to 18035 and 17815. On the higher side 19000 is the key intra day resistance with 19426 as the key short term resistance.
GENERAL MARKET CONDITIONS
Silver has disappointed over the past two months. It has trailed gold and copper in percentage rise. The prime reason is that there are other alternative investments which are higher returns than silver with comparatively lesser risk. Weakness in the US dollar has resulted in more and more retail investors opting for currency trading than silver. Currency markets have been fairly stable over the past one year. The US dollar establishes a short term trend which goes on for a few months. In 2006 the US dollar gained. In 2007 the general trend has been bearish for the US dollar so the retail investors have been following a sell on rise strategy for the greenback. The general direction for silver has been bullish in 2007, however volatility has been higher viz-a-viz the currency markets. Once volatility starts to rise in the currency markets silver, the sleeping giant should rise. Fundamentally silver is bullish. However speculative price adds more than twenty percent to the fundamental price, which is not the case with silver.   Gold and silver were once again buoyed by gain in copper and other base metals on strike by mine workers in Peru. Mine worker strike news has come as a shot in the arm for copper and base metal bulls. Reducing global inventory and higher global growth were already supporting prices. Copper price rise could just give silver the much needed momentum it needs.   The medium term bullishness remains intact for gold, silver and copper. However failure of spot gold and spot silver to edge past $700 and $1450 next week could result in losses upto ten percent in may. It’s testing times for gold and silver over the next five trading sessions.
GOLD -- JUNE FUTURE
Gold needs to break $679.50 for $684.00 and $690.50. On the lower side there is a technical congestion between $669.0 - $672.0 and a consolidated break of the same will result in $663 and $657.10.
SILVER -- JULY  FUTURE
Silver needs to break $1372 for $1400 and $1430. On the lower side $1318 is the initial support with $1304 and $1284 as the key support.
Happy Profitable Trading
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-- Posted Wednesday, 2 May 2007 | Digg This Article

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