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Asian Metals Market Update for 4th June, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Monday, 4 June 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD AUGUST FUTURE -- $675.20

COMEX SILVER JULY FUTURE -- $1371.50

EXPECTED TRADING RANGE

GOLD JUNE -- $670.00 -- $683.20

SILVER  JULY  -- $1339.0 - $1404.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER JULY   -- $336.10.00 - $348.00

NYMEX CRUDE OIL  JUNE    - $63.20 - $65.60

GENERAL MARKET CONDITIONS

 I am very happy over silvers rise last week. It has been an underperforming metals in 2006 and so far in 2007. Silver has gained in 2007, but gains has not been spectacular. However this time around things could change as there is more cheap money that’s available and some of the proceeds have started moving into silver after last weeks gains. For a few I am sounding too optimistic on silver, but fundamentally as well technical silver is bullish and could test new $1500+ in the next fortnight if it is able to hold $1339. Silver is one metals where the pace of rise as well as fall is equally quick which attracts more and more high risk investors.

 

Gold was buoyed on news that the European central bank wont sell gold till September. That’s one more less seller in a buyers market. Gold is bullish and a weaker crude oil and a weaker US dollar will prevent prices from a major fall over the coming weeks. The only risk to gold price rise is a sustained fall in global stock markets which seems highly unlikely at the moment as there is a element of certainty on global interest rates.

 

 

There is lack of major market moving economic news this week which will prevent gold, silver and metals from a major fall. The only factor to be bearish is the inability to edge higher in the first half of the week could result in technical sell off.

 

GOLD -- AUGUST FUTURE

 Gold needs to break $679.10 for $684.50 and $688.70. On the lower side a consolidated fall below $671.40 will result in $663.50.

 

SILVER -- JULY  FUTURE

  Silver needs to break $1374-for $1400 and $1432. On the lower side $1354 is the initial support with $1339 and $1319 as the key support.

 

 

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.

 


-- Posted Monday, 4 June 2007 | Digg This Article


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