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 -- JULYFUTURE
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
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