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-- Posted Tuesday, 21 August 2007 | Digg This Article

GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$647.90	$655.20	$659.80	$663.10	$670.30	$676.20	$678.60	$683.50
GENERAL MARKET CONDITIONS
Central banks continue to pump more and more liquidity into the money markets in order to ensure that stocks do not fall. Fed, bank of Japan, European central bank are all doing the same thing. This is just a short term measure and a rather delaying tactic to curtail a stock market collapse. The fall in equity markets will be greater than the current fall in future after the Fed measure. Do not look at the equity indices. One should look at his own stocks and check whether they are rising or falling. Certain group of stocks have a greater weight in the equity indices. These stocks can be manipulated to ensure a higher close so that the stock market index rises. Even in a bull market, there are more falling stocks than rising stocks. The Fed and other central banks are just trying to play with the mind of retail investor who believes that if the stock markets rise, his stocks will also rise which may not be the case. In future I foresee scams/accounting errors greater than Enron, with the connivance of the regulatory officials. Investors need to be careful about such stocks. Gold will be sole beneficiary of the same.
It’s a consolidation phase before the next leg higher for gold and silver as they are able to hold onto the key medium term technical support. Base metals were lacking the conviction to edge higher and I am rather cautious on going long on the same. At lower levels there is greater physical demand in India as jewelers prepare for the start of the season beginning with “rakhee” and “Janamasthmi” which will continue till “Diwali” till the middle of November.
MCX -- ZINC AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
119.10	121.80	123.40	127.00	130.50	132.50	135.20	137.40
MCX -- ZINC AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
A bottom should be formed soon. 123.40 should be days bottom while it needs to break and hold 130.50 to be in uptrend.
GOLD -- DECEMBER FUTURE
Initial support at $663.10 and $659.20. Needs to break $676.20 to be in uptrend. Day traders buy on dips with a stop loss below $662 for $676.
NYMEX CRUDE OIL --  FUTURE
100 day MA of $67.16 is the key support. Resistance at $73.75 and $77.07
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-- Posted Tuesday, 21 August 2007 | Digg This Article

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