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-- Posted Wednesday, 30 May 2007 | Digg This Article

GOLD				SILVER
COMEX GOLD AUGUST FUTURE -- $664.50				COMEX SILVER JULY FUTURE -- $1324.00
EXPECTED TRADING RANGE
GOLD JUNE -- $659.80 -- $674.20				SILVER  JULY  -- $1292.0 - $1354.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $324.10.00 - $342.00				NYMEX CRUDE OIL  JUNE    - $63.00 - $67.00
GOLD AUGUST TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$647.20	$653.50	$657.50	$663.50	$667.80	$671.70	$674.80	$679.10
SILVER JULY TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,266.00	$1,277.00	$1,286.00	$1,306.00	$1,332.00	$1,344.00	$1,359.00	$1,374.00
COPPER JULY  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$307.40	$316.60	$323.00	$327.00	$336.20	$341.40	$348.90	$355.60
GENERAL MARKET CONDITIONS
After a long time silver outperformed almost all the metals. Yesterday’s gain in gold and silver is partly due to short covering ahead as the week begin the series of economic numbers from US and other parts of the globe. The focus will be once again on US dollar and crude oil prices. The good thing was that precious metals was de-linked from base metals and currency markets. Between June and September gold and silver do not have a direct correlation. Sometimes gold gains, silver falls and vice – versa. We expect this trend to continue this year too but expect greater volatility.   Investors are on the sidelines. The stocks markets have been rising on the back of merger and acquisitions news and carry trade. Merger and acquisitions will not stop however it’s the unwinding of carry trades which is the cause of concern. Meanwhile Chinese stocks fell today as China tripled its tax on securities transactions in a bid to prevent overheating of the Chinese stock markets. Chinese and Asian stocks have been driving the global markets. If there is a sustained fall in Chinese stocks then we could see a repeat of February 27, 2007.   Gold, silver, copper nickel and zinc are all holding on to their key technical levels suggesting room for further gains. They are in a neutral zone. It’s more of a momentum markets and its better to flow with the tide. Flowing against the tide would be near key support or resistance levels.
GOLD -- AUGUST FUTURE
Gold needs to hold $663.00 for $668.50 and $677.50. On the lower side a consolidated fall below $663.00 will result in $659.80 and $653.50
SILVER -- JULY  FUTURE
Silver needs to hold $1308 - $1312 for $1344 and 1368.  A consolidated fall below $1304 will result in $1292 and $1277.
Happy Profitable Trading
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-- Posted Wednesday, 30 May 2007 | Digg This Article

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