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-- Posted Friday, 17 August 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $647.70 -- $680.00				SILVER  SEPT   -- $1088.0 - $1277.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPT   -- $305.40.00 - $340.70				NYMEX CRUDE OIL   - $70.00 - $75.80
SILVER SEPTEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,032.00	$1,076.00	$1,100.00	$1,139.00	$1,216.00	$1,235.00	$1,248.00	$1,277.00
GENERAL MARKET CONDITIONS
Yesterday’s slide in gold and silver was another opportunity to invest.  Precious metals and base metals were seen tracking the equity markets. Silver had a technical breakdown as it fell below the 400 day MA which resulted in further selling and stop losses getting triggered. Copper September also fell below the 200 day MA which triggered the sell off. Gold, silver and copper still not of the woods, but in my view a short term bottom may have been formed. Energies continued to remain firm on expectations that tropical storm dean will be the first hurricane of the season.
The key driver for the financial markets have been the yen as it fell below 115.0 on continued liquidation by yen based traders. A fall below 115.0 came in as a surprise which acted as a fodder to the fire of falling markets. In July Australian central  banks and New Zealand central banks were intervening to prevent their currency from gains. Yesterday, it was the reverse as they both were intervening to prevent their currency from losses against the US dollar. Markets semantics have changed which has forced central banks to adapt to the new circumstances. We expect yen to weaken and other carry trades currencies to gain against the US dollar and that the current levels provide an opportunity to go short on the greenback, but in small amounts.
There should be short covering rally today both in the commodity markets and currency markets which should result in a higher close for commodities and the US dollar closing weaker.
MCX -- ZINC AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
119.00	121.80	125.50	127.00	134.70	136.80	139.10	141.90
MCX LEAD   -- AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
Zinc gets caught between copper and lead. A bottom should be formed soon. 124.70 should be days bottom while it needs to break 140.80 to be in uptrend.
SILVER -- SEPTEMBER FUTURE
Silver has a key resistance at $1216. Support at $1136, $1100 and $1066. Earlier supports of $1277 and $1307 are the resistances.
NYMEX CRUDE OIL -- AUGUST FUTURE
100 day MA of $67.83 is the key support. Resistance at $73.75 and $77.07
Happy Profitable Trading & A Have a Great Weekend.
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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 Friday, 17 August 2007 | Digg This Article

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