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Asian Metals Market Update for 5th July, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 5 July 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD AUGUST FUTURE -- $656.20

COMEX SILVER -- SEPT FUTURE -- $1272..0

EXPECTED TRADING RANGE

GOLD AUGUST  -- $652.20 -- $665.00

SILVER  SEPT   -- $1248.50 - $1300.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER SEPT   -- $349.10.00 - $370.50

NYMEX CRUDE OIL  JULY    - $69.20 - $73.20

GENERAL MARKET CONDITIONS

7/7 is a historical day for gold as well. Gold August future rose to $430.10 only to fall to $418.10 on 15th July, 2005. Thereafter gold rose more than $200 to $732 on 12th May, 2006. Gold has been in secular bull run. There are calls that gold’s bull run will start to fade out towards the close of the year of in 2008. The reason shrinkage in global liquidity and higher bond yields in 2008. We disagree with the view. As long as spot gold holds $538, gold will continue to remain in a long term bull phase. Bonds yields will rise in 2008 as global interest rates should rise in the first six months of 2008 only to be cut in the next six months. Between July 2008 and December 2009, most of the countries in the world will be facing general elections including India, Russia and USA. Uncertainty will be there on whether the new global leaders will emerge or the current scumbags need to be tolerated. Gold and only gold will benefit due to the same. There will be even greater volatility which bulls as well bears will find it hard to cope.  The only risk to gold prices is boom to bust Chinese economy, which seems highly unlikely at the moment

 

It’s the same old story for precious metals, US dollar weakness, stronger energy prices and base metal prices is preventing gold and silver from a correction. Increased terror threats in UK as we near 7/7 has resulted in safe haven demand. Volatility will rise ahead of the bank of England meeting ands the European central bank meeting (ECB)  today and the US June payroll numbers tomorrow. I just hope that the Bank of England does not surprise.

 

 

GOLD -- AUGUST FUTURE

  Gold needs to break and hold $661 for $665.50 and $669.30. On the lower side as long as $646.70 holds on closing basis, downside is limited. Initial support is at $653.50.

 

NYMEX CRUDE OIL -- JULY FUTURE

Crude oil needs to break $71.25 for $73.67. On the lower side $69.76 is the initial support with $66.80 as the key support.

 

 

Happy Profitable Trading

 

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 Thursday, 5 July 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
Email:



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