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-- Posted Tuesday, 10 July 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD AUGUST  -- $656.20 -- $674.00	SILVER  SEPT   -- $1266.50 - $1330.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPT   -- $358.10.00 - $370.50	NYMEX CRUDE OIL  JULY    - $70.95 - $73.20
GENERAL MARKET CONDITIONS
Nickel has been falling to due to destocking by steel companies in light of record prices. They are also looking for alternatives to nickel. I do not agree with this view. June to mid September there is a cyclical reduction for steel demand which has resulted in speculative interest coming down sharply and this along with cyclical reduction in steel demand has resulted continued increase in LME inventories. Remember copper in February, 2007 before the Chinese New Year, it seems like all over for the copper bulls but it pared all its losses in a few months.  The same will happen with nickel. It’s another copper in the waiting. In India, the current fall has wiped out gains of nickel investors. Some of the Indian retail investors made huge losses as they tried to average it out only to square off due to margin pressures and no signs of revival. Nickel, historically is the most volatile metals. Better to wait for a bottom and then buy some far dated future. I have a simple concept in trading “It’s better to buy in a rising market with trailing stop losses than buy in a falling market”. Better to make less profit than loss.   Gold and copper were the outperfromers while nickel, zinc and crude oil were the underperformers yesterday. Please do not write off silver, but use higher stop losses for the rest of the week as this week’s close will set the direction for the next two months. Gold and silver will continue to be dictated by a movement in US dollar and crude oil prices this week. Copper can affect silver only if it falls significantly.
SILVER -- SEPTEMBER FUTURE
Silver needs to float over $1274 to target $1308 and $1330 and $1354. $1308 is the key resistance and a break of the same will result in $1354 very quickly. On the lower side as long as $1235 holds downside is limited.
NYMEX CRUDE OIL -- JULY FUTURE
Crude oil needs to hold $70.35 for $73.48 and $75.69. On the lower side $69.76 is the initial support with $66.80 as the key support.
Happy Profitable Trading
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-- Posted Tuesday, 10 July 2007 | Digg This Article

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