-- Posted Wednesday, 8 August 2007 | Digg This Article

MCX -- GOLD OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
8,790.00	8,815.00	8,835.00	8,880.00	8,917.00	8,954.00	9,007.00	9,044.00
COMEX -- COPPER SEPTEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$338.30	$342.00	$345.20	$350.50	$356.70	$362.40	$368.20	$372.00
GENERAL MARKET CONDITIONS
Gold and silver are consolidating after the Fed meeting. Mr.Bernanke, true to his style did not surprise the markets. After the US housing debacle, investors will be cautious in making their investments. Investors and fund managers are churning their portfolio not just in equities but also in commodities. They are reducing their allocation in financial services stocks and increasing it in other sectors. Mergers and acquisitions will slow down in the short term as cost of funds rise. Even in the commodities, investors may just increase their leverage on precious metals than soft commodities.
Investors in India have lost in Nickel and Natural gas more than they made. Lead is the new kid on the block as it continues to rise. Copper and silver are the safest investment as it trades in a wider range. Crude oil is the punters favourite due to its high volatility. Zinc is excellent for the day trader, provided he has the risk appetite.
There is lack of major market moving news today. It will be technical trade. So far gold and silver are able to hold to their key technical supports.
MCX GOLD -- OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
MCX Gold October has to break and hold INR 8920 to be in bullish zone and target INR 9044 in the short term. Key support at INR 8835.
SILVER -- SEPTEMBER FUTURE
Silver needs to break and hold $1313 to target $1333 and $1354. On the lower side $1298 and $1277 are the key supports.
COPPER -- SEPTEMBER
100 day MA at $138.40 is the key support and a consolidated fall below $327.60 and $315.30. Needs to break $350.60 to be in uptrend for $362.40.
NYMEX CRUDE OIL -- AUGUST FUTURE
Crude oil has to float over $72.15 to prevent a slide to $69.80 and $66.80. On the higher side $75.60 is the initial resistance with $77.50 and $79.50 as the resistances.
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 Wednesday, 8 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: chintan@insigniaindia.com

Previous Articles by Chintan Karnani, Insignia Consultants

© 1995 - 2019

Live GoldSeek Visitor Map | Disclaimer