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
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