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Asian Metals Market Update for 16th August , 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 16 August 2007 | Digg This ArticleDigg It!

EXPECTED TRADING RANGE

GOLD DECEMBER   -- $668.70 -- $684.00

SILVER  SEPT   -- $1220.0 - $1307.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER SEPT   -- $325.40.00 - $345.70

NYMEX CRUDE OIL   - $70.00 - $75.80

GOLD DECEMBER TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$657.30

$663.10

$668.70

$673.40

$676.20

$683.50

$688.00

$695.40

GENERAL MARKET CONDITIONS

 At the moment it’s greater physical demand at lower levels which is preventing gold’s fall. What happens when physical demand vanishes and stock markets continue to fall. Gold will also fall and could break some of the key long term supports. This is one of the possible scenario in gold which in my view will not happen. Gold has performed remarkably well under the current financial crisis which reflects more gains in store over the coming weeks.

 

 The US dollar has gained due to shortage of US dollar. The credit crisis has come as a shot in the arm for the sagging confidence of the US dollar. European banks are paying a premiums for short term US dollar funding. They are keeping extra dollar liquidity in hand to tide over the sub prime mess. Once investors switch focus from credit woes to US economic growth, the US dollar should once again start to decline. It’s a good time to go short on the US dollar in small quantities.

Gold and silver will be volatile. Base metals will be more volatile than precious metals. Copper and silver September futures are expiring towards the close of the month. There are twelve trading sessions to go before august ends. There are more long positions in silver and copper than short positions (as per our information). If silver and copper fall further, some the longs will be closed. Low risk traders should buy some January silver calls on dips or start investing in small quantities on any major decline from here.

MCX -- LEAD AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

111.30

115.00

116.80

121.40

125.00

127.90

130.80

133.00

MCX LEAD   -- AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)

Key support at INR 116.80, a consolidated fall below INR 116.80 will result in INR 115.0 and 109.0. Needs to break INR 127.90 to be in uptrend. Global inventories are very low which will prevent prices from a major slide.

GOLD -- DECEMBER FUTURE

 200 day MA of $673.50 is the key support, followed by $659.80. On the higher side 100 day MA of $683.60 is the key intra day resistance with $695.40 and $700.80 as the key weekly resistance. Gold has to break and close over $688 to be bullish zone, till then a sell on rise strategy.

NYMEX CRUDE OIL – SEPTEMBER FUTURE

 100 day MA of $67.83 is the key support. Resistance at $73.75 and $77.07

 

Happy Profitable Trading

 

MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.

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, 16 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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