| INSIGNIA CONSULTANTS |
| Precious Metals Market Update for 23rd May, 2007 |
| GOLD | SILVER |
| COMEX GOLD JUNE FUTURE -- $659.50 | COMEX SILVER JULY FUTURE -- $1299.50 |
| | Lower | Expected | Higher | | Lower | Expected | Higher |
| BUY | 548.10 | 654.70 | 666.60 | BUY | 1263.00 | 1287.00 | 1314.00 |
| SELL | 654.00 | 666.40 | 673.00 | SELL | 1285.00 | 1320.00 | 1337.00 |
| EXPECTED TRADING RANGE |
| GOLD JUNE -- $653..00 -- $669.00 | SILVER JULY -- $1285.0 - $1321.00 |
| COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE |
| COPPER JULY -- $323.10.00 - $342.00 | NYMEX CRUDE OIL JULY - $64.60 - $67.70 |
| GENERAL MARKET CONDITIONS |
| And alas a bear grip in the BASE pulls the whole building down…this is exactly what had happened |
| yesterday as well saw that Gold was pretty firm like throughout the day but in the end gave in to the |
| demands of Copper and the other Base metals. A bad closing after thre successive higher closes… is |
| this signalling a near term bear phase which it has been trying in vain to pass away. |
| Silver was also in awe of the BASics… it however unlike gold has a tendency to get rattled pretty fast |
| but inspite of that nature it stayed pretty calm yesterday. One should watch out for the key near term |
| technicals for direction. |
| DAILY TRADING STRATEGY |
| Trade on the key technical supports and resistances of both Gold and Silver but with proper stops in |
| place. Markets are directionless with a bearish tone and also tend to take up any major movement in |
| other commodities irrespective of their relevance. "Wait to trade" than "Trade and wait" |
| |
| GOLD -- JUNE FUTURE |
| Gold has key support at 652.60 and resistance at 666.40 and should trade in this range today also. |
| Markets are waiting for a breakout on the downside as is being shown by the trading pattern daily. |
| Lets wait and see…… |
| SILVER -- JULY FUTURE |
| There is nothing new to write about Silver also. Though it is showing pretty strong characteristics but |
| that also will be seen this wek itself coz it’s a make or break situation coming up. |
| |
| 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. |
