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Asian Metals Market Update for 26th June, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 26 June 2007 | Digg This ArticleDigg It!

EXPECTED TRADING RANGE

GOLD AUGUST  -- $646.20 -- $660.00

SILVER  SEPT   -- $1283.50 - $1320.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER SEPT   -- $326.10.00 - $342.90

NYMEX CRUDE OIL  JULY    - $67.60 - $69.72

GENERAL MARKET CONDITIONS

It has been a volatile session yesterday not just gold and silver but also in global equities as they closed lower. Dow Jones had risen over 100 points only close in the red. Gold and silver has a similar fate and closed in the red.  Volatility is due to risk aversion ahead of the Fed meeting and rise in demand for US year bonds. Investors are nervous over the lagging effect of bear sterns.

 

Funds and investors are sitting on cash as they wait for the Fed meeting to be over. Apprehensions that the current carry trade rally has been over extended could result in some unwinding of positions which could result in equities and commodities falling further.  One should another volatile day in the offing. Currency markets and equities will dictate commodities for the day.

 

 

GOLD -- AUGUST FUTURE

Gold needs to hold $646.50 to prevent further losses to $641 and $633. On the higher side $657.50 and $660.10 are the initial resistance with $664.50 as the key resistance.

 

 

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 Tuesday, 26 June 2007 | Digg This Article


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
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