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-- Posted Monday, 7 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $691.00	COMEX SILVER JULY FUTURE -- $1360.50
EXPECTED TRADING RANGE
GOLD JUNE -- $680.00 -- $700.00	SILVER  JULY  -- $1332.0 - $1404.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $364.10.00 - $389.00	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.   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.
GENERAL MARKET CONDITIONS
Volumes will return to the peak as Chinese and Japanese traders return. Asian ex Japan now has plays a major role in the commodity markets. Last week all the base metals rose sharply on fears that dwindling global inventories could result in sever supply squeeze. Base metals rise is more due to liquidity factors than fundamentals. One should be very cautious about investing in base metals as a correction can happen any time. New investor should wait for a correction of ten to fifteen percent and then depending on the technical levels should enter.   The current global market is liquidity driven. Here is How? All the markets are not rising at the same time.  Crude oil has been falling, silver has disappointed, copper, zinc and nickel have risen but aluminum has fallen, gold continues to remain firm. US equity markets are rising on merger and acquisition related news. Now is Microsoft and yahoo further speculation of reuters of being sold to some other investor. The gains in the equity markets are invested in the commodity markets. For the past two years there has been a direct correlation between movement in global indices and commodity prices. This correlation may continue for a few months. However precious metals will be delinked from equities soon.   Crude oil has fallen from the highs on expectation that there are enough supplies to meet the US peak summer demand.  The US hurricane season will begin from July. Last year most of the traders went long on crude oil on expectations of hurricanes which did not come.  Over the next five months crude oil prices will be volatile and will be driven by weather news.
GOLD -- JUNE FUTURE
Gold needs to break $700 for $715.00. On the lower side there is a $685.50 is the initial support with $675.50 and $669.10 as the key support.
SILVER -- JULY  FUTURE
Silver needs to break $1387 for $1400 and $1440. On the lower side $1332 is the initial support with $1306 as the key support.
Happy Profitable Trading
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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 Monday, 7 May 2007 | Digg This Article

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