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Asian Metals Market Update for 2nd August, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 2 August 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $676.40

COMEX SILVER -- SEPT FUTURE -- $1292.00

EXPECTED TRADING RANGE

GOLD DECEMBER   -- $669.00 -- $684.00

SILVER  SEPT   -- $1268.0 - $1324.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER SEPT   -- $345.10.00 - $365.50

NYMEX CRUDE OIL  AUGUST   - $75.07 - $80.80

GOLD DECEMBER TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$659.10

$663.40

$670.10

$676.10

$684.00

$686.90

$691.20

$697.10

GENERAL MARKET CONDITIONS

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 REPORTS please register on our new website www.insigniaconsultants.in  for a free  trial 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 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, 2 August 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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