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-- Posted Tuesday, 31 July 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $670.00 -- $686.00				SILVER  SEPT   -- $1268.0 - $1324.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPT   -- $345.10.00 - $365.50				NYMEX CRUDE OIL  AUGUST   - $72.07 - $77.80
COPPER SEPTEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$336.80	$345.90	$350.60	$355.70	$361.90	$366.00	$370.00	$374.80
GENERAL MARKET CONDITIONS
Global equity markets as well as gold and silver may have bottomed out as the US dollar once again weakens.  I had mentioned yesterday that US dollar’s gains is nothing but a mere pullback which is what happened. The US dollar is in medium term secular weakness and that such gains  is a part and parcel of the same. Investors shrugged off credit woes in a German firm as equities closed higher. One more thing which I have observed is that the sub prime losses has resulted in some of the small hedge funds are being sold to big fish. This may be short term negative and long term positive for stocks. Corporate credit companies will wash in the blood in a few months time and should come back with a will all the fury soon. However investors will be more vigilant this time.   At the moment there are no major news which suggest that global economic growth is slowing.  Crude oil prices have a lagging effect. Crude oil prices will affect global growth in the first quarter of 2008. August is traditionally a month when trading volumes fall. There are no major central bank meetings in August except the bank of Japan. Interest rate certainty is there. High yielding currencies will once again attract higher demand. The sub prime mess could force the Fed to cut interest rates as US economy slows and crude oil induced inflation. This is a major negative factor for the greenback. If spot gold is able to hold $652 this week, it will make another attempt at $700 in August.
COPPER -- SEPTEMBER
Copper key support at $350.60 and only a consolidated fall below the same will result in $345.60 and $339.60. Resistance at $362 and $670.50
NYMEX CRUDE OIL -- AUGUST FUTURE
$77.40 is the initial resistance with $79.50 and $82.29 as the key resistances. As long as $72.09 holds on closing basis, downside will be limited. A consolidated fall below $72.09 will result in $69.80
Happy Profitable Trading
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-- Posted Tuesday, 31 July 2007 | Digg This Article

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