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-- Posted Tuesday, 8 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $690.30	COMEX SILVER JULY FUTURE -- $1362.00
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    - $60.00 - $63.40
NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD JUNE: It has been trading in 9200 - 9275 range. Needs to break 9308 for 9372 and 9372. On the lower 9197 and 9135 are the support levels.   SILVER JUNE:  Needs to break 19112 to be bullish zone and failure to break the same will result in 18580 and 18332. A consolidated break of 19112 will result in 19537.
GENERAL MARKET CONDITIONS
Precious metals and base metals are trading in a range as London and Chinese markets open after holidays. There is hardly anything new to comment on the markets at the moment. US dollar weakness is expected to continue as other developed nations growth could overtake US growth. Equities are getting buoyed by mergers and acquisitions news. Oil prices are holding $60.00 a barrel.   Markets will be looking forward to the European central bank and bank of England meetings this week for direction on these currencies. However we do no expect a big slide in them. Crude oil prices at the current levels provide a good medium term investment opportunity.    Technically gold and silver are in a neutral zone. Traders are booking profits quickly and are nervous at this juncture. Copper and other base metals are firm despite peru strike being over.  I am not very convinced over the rise in base metals. Base should get busted in the last quarter of 2007 and could fall nearly thirty percent from the highs created in the third quarter. US economy is slowing. China is resorting to various measures to cool growth. Chinese growth has topped out and with either stabilize at the current levels or fall.
GOLD -- JUNE FUTURE
Gold needs to break $697 for $697.10 and $703.00 and $715. On the lower side there is a $689.50 is the initial support with $685.10 and $680.50 as the key support. $675.50 is the key weekly support.
SILVER -- JULY  FUTURE
Silver needs to break hold $1372 for $1387 & $1400 and $1430. On the lower side $1349 is the initial support with $1327 and $1306 as the key support.
Happy Profitable Trading
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-- Posted Tuesday, 8 May 2007 | Digg This Article

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