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-- Posted Friday, 24 August 2007 | Digg This Article

GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$646.70	$655.20	$659.80	$663.10	$670.30	$676.20	$678.60	$683.50
COPPER SEPTEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$300.00	$304.50	$316.70	$321.40	$332.00	$341.85	$343.00	$350.50
GENERAL MARKET CONDITIONS
Investor caution continues to drive precious metals as they find sellers at higher levels. Lead was the best performer as it rose 5.62% in MCX and has room for further gains on global shortage. Zinc and copper also followed lead but were unable to edge past key technical resistances. Gold and silver are finding sellers at higher levels. Overall sentiment in MCX on gold and silver is negative as prices do not rise much despite rise in Comex prices. Aribitrageurs are taking advantage by buying Comex future and selling MCX futures in gold, silver and copper.
If and only if there are no news of any fresh news of blowups gold, silver and precious metals will rise, else profit taking at higher levels will drive down prices. The US dollar has fallen against the major currencies and is on the verge of testing key technical resistances. If euro, sterling and other commodity currencies are able to edge past the key technical resistances, it will benefit all the metals. For gold and silver to rise in a big way, equities have to rally and US dollar has to fall simultaneously. If any of them move in opposite direction, volatility will rise. Better to remain on the sidelines and buy on sharp dips and sell near key technical resistances. In Rome, do as the Romans do.
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	130.90	132.50	135.20	137.40
MCX -- ZINC AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
127.40 should be days bottom while it needs to break and hold 132.50  for 137
GOLD -- DECEMBER FUTURE
Gold needs to break $676-$677 to be in medium term bullish zone. On the lower side as long as $662.80 holds, downside is limited. Consolidated fall below $662.80 will result in $659.80 and $655.20.
COPPER -- SEPTEMBER
Copper targets $337-$343 as long as $317 holds.  Initial resistance at $332. Falls below $317 then $305 and $297 are the targets. Not out of woods yet.
NYMEX CRUDE OIL --  FUTURE
100 day MA of $67.16 is the key support. Resistance at $73.7.
Happy Profitable Trading & 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
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errors in, or omissions of Information.

-- Posted Friday, 24 August 2007 | Digg This Article

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