-- Posted Tuesday, 15 May 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $670.70	COMEX SILVER JULY FUTURE -- $1323.00
EXPECTED TRADING RANGE
GOLD JUNE -- $664.00 -- $677.50	SILVER  JULY  -- $1300.0 - $1340.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $342.10.00 - $352.00	NYMEX CRUDE OIL  JUNE    - $60.00 - $63.40
MULTI COMMDITIES EXCHANGE (MCX)
MCX Gold June:  Needs to hold 8888 to prevent a fall to 8820 and 8702. On the higher side the earlier support of 8960 is the initial resistance with 9132 and 9172 as the key resistances.   MCX Silver July: Needs to hold 18056 to prevent a fall to 17760 and 17402. On the higher side the earlier support of 18530 is the initial resistance with 18680 and 18800 as the key resistances.   MCX Copper June: 307.10 is the key intra day support. A consolidated fall below 307.60 will result in 295.30. On the higher side only a break of 327.20 will result in gains to 331.50 and 337.20
GENERAL MARKET CONDITIONS
The fall in copper and base metals prices resulted in fall in gold and silver. Is it just a correction or beginning of a short term bear phase will be known today. Physical gold demand in India will fall towards the close of the week. Technically gold and silver are showing short term bearishness. However copper is in a neutral zone despite the fall. Any sustained correction in global equity markets this week could result in precious metals falling five to seven percent from the current levels during next fortnight.   Weakness in the yen could prevent gold and silver from a major fall as it increases the carry trade. Yesterday gold and silver were de-linked from the currency markets and were linked to the precious metal market. Continued rise in Chinese real estate prices and higher growth rates could result in further increase in Chinese interest rates quickly. The fall in Japanese machine orders in March puts a question mark over Japanese growth and that bank of Japan could further delay interest rate hike. Carry trades will unwind in future without a warning. Whenever this happens there will be royal tumble in most of the financial markets.   Gold and silver should be volatile for the day, unlike a one way downward trade yesterday. However failure to edge higher will result in losses. MCX gold and silver prices fall more due to gains in the Indian rupee. Traders and investors are stick at higher levels in India and will be using the rise as an opportunity to exit long positions.
GOLD -- JUNE FUTURE
Failure gold to break $677 today will result in fall to $663.40 and test key medium term support of $657.40.
SILVER -- JULY  FUTURE
Silver needs to close over $1308 to prevent further losses to $1286 and $1266. On the higher side $1332 is the initial resistance with $1344 as the key intra day resistance.
Happy Profitable Trading
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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-- Posted Tuesday, 15 May 2007 | Digg This Article

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