INSIGNIA CONSULTANTS |
Precious Metals Market Update for 24th May, 2007 |
GOLD | SILVER |
COMEX GOLD JUNE FUTURE -- $662.90 | COMEX SILVER JULY FUTURE -- $1315.00 |
| Lower | Expected | Higher | | Lower | Expected | Higher |
BUY | 548.10 | 654.70 | 666.60 | BUY | 1263.00 | 1287.00 | 1314.00 |
SELL | 654.00 | 668.00 | 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 |
GOLD JUNE TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$647.40 | $652.10 | $654.80 | $657.00 | $662.70 | $665.80 | $669.00 | $671.50 |
SILVER JULY TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,276.00 | $1,285.00 | $1,292.00 | $1,305.00 | $1,318.00 | $1,327.00 | $1,337.00 | $1,344.00 |
COPPER JULY TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$299.30 | $310.20 | $318.80 | $326.70 | $337.20 | $345.50 | $352.20 | $358.80 |
GENERAL MARKET CONDITIONS |
Gold and silver are trading in a range for the past three days. However they have been unable to |
edge higher. Failure to edge higher by tomorrow will result in severe losses for both of them soon. |
Economic news from US, Eurozone should begin from this today which will increase the intra day |
volatility. In India MCX, NCDEX and physical traders are very bearish and are looking at $600 in the |
near term. Hence physical prices as well as MCX and NCDEX prices are not rising despite the |
rise in Comex futures. |
|
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 |
|
FOR ACTUAL AND FULL REPORTS please register on our new website www.insigniaconsultants.in for a free trial service for an indepth analysis on metals and energies along with intra day and positional trading calls on MCX. NCDEX and COMEX and other INTERNATIONAL markets. SMS on Mobiles, FAX 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. |
