-- Posted Thursday, 3 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $675.10	COMEX SILVER JULY FUTURE -- $1332.00
EXPECTED TRADING RANGE
GOLD JUNE -- $669.00 -- $684.00	SILVER  JULY  -- $1300.0 - $1368.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $358.10.00 - $370.00	NYMEX CRUDE OIL  JUNE    - $62.80 - $67.00
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD JUNE: Needs to hold 9100 to prevent a fall to 9055 and 8991. On the higher it needs to break 9227 for 9308 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 18765 is the key intra day resistance with 19426 as the key short term resistance.
GENERAL MARKET CONDITIONS
Base metals continue to dodge the headlines as they remain on fears of global supply shock. Stronger than expected US economic numbers suggest copper demand from will remain firm which is aiding speculators to bet more on price rise. China's copper use is expected to rise to 6.5 million metric tons by 2020. Inventories monitored by the London Metal Exchange had their 12th straight daily drop. Rising copper prices has been supporting zinc and nickel prices also.   There was a good physical demand of gold yesterday in various parts of India, particularly in Southern states. According to our information investors have started investing in gold in India whether by way of physical or exchange traded fund (ETF) investment. Retail investors were also buying far dated futures in MCX and NCDEX. If this trend continues into next week, gold should bottom out.   Gold and silver will be dictated by the US dollar and crude oil prices which in turn will be affected by the slew of US economic numbers over the next two days. Expect high volatility to continue for the rest of the week.
GOLD -- JUNE FUTURE
Gold needs to break $680.50 for $687.00 and $693.30. On the lower side $663 and $657 are the key supports.
SILVER -- JULY  FUTURE
Silver needs to break $1368 for $1387 & $1400 . On the lower side $1306 is the initial support with $1284 as the key support.
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 Thursday, 3 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: chintan@insigniaindia.com

Previous Articles by Chintan Karnani, Insignia Consultants

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer