| INSIGNIA CONSULTANTS |
| Precious Metals Market Update for 22nd May, 2007 |
| GOLD | SILVER |
| COMEX GOLD JUNE FUTURE -- $663.00 | COMEX SILVER JULY FUTURE -- $1309.00 |
| | Lower | Expected | Higher | | Lower | Expected | Higher |
| BUY | 652.60 | 657.00 | 666.60 | BUY | 1263.00 | 1290.00 | 1321.00 |
| SELL | 657.00 | 667.80 | 673.00 | SELL | 1289.00 | 1320.00 | 1337.00 |
| EXPECTED TRADING RANGE |
| GOLD JUNE -- $654..80 -- $671.50 | SILVER JULY -- $1291.0 - $1335.00 |
| COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE |
| COPPER JULY -- $330.10.00 - $352.00 | NYMEX CRUDE OIL JULY - $62.00 - $66.00 |
| GOLD JUNE TECHNICAL LEVELS |
| SUPPORT | RESISTANCE |
| S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
| $652.10 | $654.80 | $657.00 | $659.90 | $665.00 | $668.70 | $671.50 | $677.00 |
| SILVER JULY TECHNICAL LEVELS |
| SUPPORT | RESISTANCE |
| S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
| $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 |
| SUPPORT | RESISTANCE |
| S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
| $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 |
| |
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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. |
