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

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