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-- Posted Friday, 4 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $683.60	COMEX SILVER JULY FUTURE -- $1348.0
EXPECTED TRADING RANGE
GOLD JUNE -- $675.00 -- $693.00	SILVER  JULY  -- $1320.0 - $1384.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $359.10.00 - $386.00	NYMEX CRUDE OIL  JUNE    - $62.80 - $67.00
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD JUNE: Can target 9348 and 9372 and failure to break the same will result in re test of 9135 and 9100. A close over 9425 will result in 9536 and 9666 next week.   SILVER JUNE:  Can target 19080 and 19426 and failure to close over 19080 will result in re test of 18308 and 18035. A close over 19426 will result in 19933 and 20325 next week.
GENERAL MARKET CONDITIONS
Precious metals and base metals were delinked from the US dollar as they edged higher. Copper provided support to all the metals on fears that supplies from Peru will cut on strike by mine workers. Firm US economic numbers add to firmness in copper and base metals prices as demand will remain firm. We had mentioned that zinc and aluminum were the laggards among the base metals and that they should catch up soon. Both of them have started rising and one should expect them to test and even break 2006’s highs over the coming weeks. Copper has been rising despite holidays in Chinese markets. Traders are buying on expectations that of bunched up demand after a long holiday. In early February copper fell as expected demand from China did not come up. If such a situation occurs then copper could fall in the latter half of the next week.   Physical demand of gold and silver from India has been robust. The US dollar – Indian rupee will be biggest mover for gold and silver prices. The US dollar has gained against the Asian currencies today which suggest that the rupee could weaken and possibly test 41.52. A weaker rupee will certainly push up prices in India.   The bullish trend remains intact for gold and silver as key medium term supports are holding. The bearish factors are fall in base metal prices, sharp fall in equity markets and further gains in the US dollar. Expect higher volatility today.
GOLD -- JUNE FUTURE
Gold needs to break $690.50 for $697.10 and $703.00. On the lower side there is a $679.50 is the initial support with $675.50 and $669.10 as the key support.
SILVER -- JULY  FUTURE
Silver needs to break hold $1354 for $1372 & $1400 and $1430. On the lower side $1330 is the initial support with $1312 and $1284 as the key support.
Happy Profitable Trading & Have a Great Weekend.
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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 Friday, 4 May 2007 | Digg This Article

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