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-- Posted Thursday, 16 August 2007 | Digg This Article

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
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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for any losses incurred in connection with any decision made, action or inaction taken by any
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errors in, or omissions of Information.

-- Posted Thursday, 16 August 2007 | Digg This Article

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