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-- Posted Friday, 11 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $668.40	COMEX SILVER JULY FUTURE -- $1311.00
EXPECTED TRADING RANGE
GOLD JUNE -- $660.00 -- $680.00	SILVER  JULY  -- $1286.0 - $1350.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $354.10.00 - $380.00	NYMEX CRUDE OIL  JUNE    - $60.00 - $63.40
MULTI COMMDITIES EXCHANGE (MCX)
MCX Gold June: As long as 8960 downside is limited. Falls below 8960 then 8899 and 8820 and 8702 are the targets. On the higher side the earlier support of 9040 is the resistance with 9110 and 9169 as the key intra day resistance   MCX Silver July: 18208 is the initial support with 18090 as the key intra day support. Falls below 18090 then 17854 and 17617 are the targets. Resistance is at 18668 and 18886 with 19100 as the key short term resistance   MCX Copper June: 322.00 is the key intra day support. A consolidated fall below 322 will result in 315.60 and 307.10, with 295.30 as the key medium term support. On the higher only a break of 334.20 will result in gains to 340.60 and 345.20
GENERAL MARKET CONDITIONS
Technical break down in gold and silver after the inability to edge higher resulted in yesterdays fall. Unwinding of carry trades along with fall in global stock markets further contributed to the fall. US equity markets over the past two to three months had a great rally and profit taking resulted in further a small loss. Markets were looking for surprises in Fed, bank of England meeting and the European central bank meeting which did not happen.   Global equity markets are liquidity driven with Japanese money the key short term driver for most of the financial instruments. Traders were ignoring the slow down in US economy. Eurozone exports could be affected by a stronger euro and ECB’s bias towards higher interest rates will result in reducing money supply. China is unsuccessfully trying to cool growth and will take further measures to slowdown the growth rates. Japanese growth is on the rise which will reduce surplus Japanese liquidity over a period of time. There will be even more days in 2007 like February, 27 and yesterday all due to swings in global liquidity. The key to managing investments in such a market is to reduce greed and keep on booking partial profits in all your trades with a strict stop loss. Trading opportunities come over and over again, the emphasis is on maintaining the capital intact and getting a decent return. If one wants to become an overnight millionaire, he should investment his money in casino’s and not in commodities.   Gold and silver are in the woods. However today’s close could set the tone for the rest of the month. As far as gold in Indian rupee is concerned, a weaker rupee today could nullify a part of the losses in gold. Rupee breaks 41.52 then rise to 41.98 is on the cards, support at 40.80.
GOLD -- JUNE FUTURE
$657.40 is the key support and a close below the same will result in losses to $651.40 and $642.60 with slight possibility of $637.60 in May. On the higher side $673.50 is the initial resistance with $679.50 as the key resistance.
SILVER -- JULY  FUTURE
Silver can fall to $1282 and $1237 if it does not hold $1312. On the higher side $1327 and $1342 are the initial resistance with $1360 as the key resistance.
Happy Profitable Trading & 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
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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, 11 May 2007 | Digg This Article

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