Higher volatility in yen has increased the volatility in gold and silver. The 2007 average high low range for yen has been at 83 pips while July till date average has been at 97 pips. Nervous and cautious investors are coming in and going out of the precious metals. After any major slide, at lower levels value picking comes up at lower levels while on rise low risk traders and jobbers use the rise to exit their stuck positions. If the markets are in a bull run, the successive lower base become higher and a new high gets created very soon. Economic numbers from different regions across the globe suggest that higher crude oil have yet to affect global consumption.
Countries like India etc where petrol and diesel prices are state controlled, the only major risk to higher growth is sustained fall in Indian stock markets, which seems highly unlikely at the moment. Once infrastructure gets better, Indian GDP growth should cross the double digit mark.
It’s going to be another volatile day. If gold and silver able to hold yesterdays low’s today and tomorrow, we may have bottomed out in the short term. Gold will get chopped between the US dollar and crude oil prices.
SILVER -- SEPTEMBER FUTURE
Silver needs to hold $1277 or break $1313 and $1326. Only a consolidated break of $1313 will result in further gains to $1326 and $1346. On the lower side $1248 and $1217 are the key support.
NYMEX CRUDE OIL -- AUGUST FUTURE
$78.40 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
FOR ACTUAL AND FULL REPORTSplease register on our new website www.insigniaconsultants.infor a freetrial 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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
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: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
