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Asian Metal Market Update For 22nd May 2007



By: Chintan Karnani


-- Posted Tuesday, 22 May 2007 | Digg This ArticleDigg It!

INSIGNIA CONSULTANTS
Precious Metals Market Update for 22nd May,  2007
GOLD SILVER
COMEX GOLD JUNE FUTURE -- $663.00COMEX SILVER JULY FUTURE -- $1309.00
 LowerExpectedHigher LowerExpectedHigher
BUY652.60657.00666.60BUY1263.001290.001321.00
SELL657.00667.80673.00SELL1289.001320.001337.00
EXPECTED TRADING RANGE
GOLD JUNE -- $654..80 -- $671.50SILVER  JULY  -- $1291.0 - $1335.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $330.10.00 - $352.00NYMEX CRUDE OIL  JULY    - $62.00 - $66.00
GOLD JUNE TECHNICAL LEVELS
SUPPORTRESISTANCE
S1S2S3S4R1R2R3R4
$652.10$654.80$657.00$659.90$665.00$668.70$671.50$677.00
SILVER JULY TECHNICAL LEVELS
SUPPORTRESISTANCE
S1S2S3S4R1R2R3R4
$1,263.00$1,274.00$1,286.00$1,301.00$1,312.00$1,321.00$1,337.00$1,352.00
COPPER JULY  TECHNICAL LEVELS
SUPPORTRESISTANCE
S1S2S3S4R1R2R3R4
$323.00$327.60$331.20$336.50$338.50$345.50$352.20$358.80
GENERAL MARKET CONDITIONS
Gold is generally trading in a tight technical range trying uselessly to break the hinges. It is like a
raging storm which when breaks free either way shall move at a very fast pace but albeit like a 100
metre runner who is breathless at the end and not like a marathon runner.
 
Silver on the other hand is different which has a slightly upward bent in mind and has a good uphill pace .
Fundamentally also silver is pretty strong with good industrial demand and technically also very solid.
 
Copper is different from both of the above precious metals as it is totally governed by speculators and
they create faux demand supply worries as per their open positions.A major portion of the copper price
is speculative interest and the big players rig prices in connivance with the mine people and by forming
a cartel. All in all the metal should be traded in by the common man only on extreme dips and rises.
 
DAILY TRADING STRATEGY
There should be a further technical recovery in both gold and silver which have been successively
closing higher on a day to day basis. One should buy gold on dips with stop losses below $657 and
silver with stop losses below $1374
 
GOLD -- JUNE FUTURE
  Gold needs to close over $665 to prevent a further erosion  and for $672 and $678 in the coming
weeks and a close below $657 would result in $652 and $646.
 
SILVER -- JULY  FUTURE
  Silver needs to keep on closing over $1276 to prevent a fall to$1237. On the higher side $1314 is the 
initial resistance and a close above that will bring silver into positive territory with $1337 as the key
resistance.
Happy Profitable Trading
 
Services provided:Please register in our new website www.insigniaconsultants.in for a free  trial service for an indept analysis on metals and energies along with intra day and positional trading calls on MCX. NCDEX and Comex markets. SMS and messenger service also available
 
 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 Tuesday, 22 May 2007 | Digg This Article


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Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
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