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Asian Metal Market Update For 23rd May 2007



By: Chintan Karnani


-- Posted Wednesday, 23 May 2007 | Digg This ArticleDigg It!

INSIGNIA CONSULTANTS
Precious Metals Market Update for 23rd May,  2007
GOLD SILVER
COMEX GOLD JUNE FUTURE -- $659.50COMEX SILVER JULY FUTURE -- $1299.50
 LowerExpectedHigher LowerExpectedHigher
BUY548.10654.70666.60BUY1263.001287.001314.00
SELL654.00666.40673.00SELL1285.001320.001337.00
EXPECTED TRADING RANGE
GOLD JUNE -- $653..00 -- $669.00SILVER  JULY  -- $1285.0 - $1321.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $323.10.00 - $342.00NYMEX 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
 
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 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 Wednesday, 23 May 2007 | Digg This Article


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