London is the currency trading hub of the globe. This has been reflected by the movement in foreign exchange markets or carry trade. It’s all about carry trade for every market as we close in on summer. Risk aversion is not over as Chinese Construction bank and DBS reported CDO losses. Slowly after a period of time when the dust of CDO settles, investors will take CDO losses news in their stride and move ahead. Retail investors have a very short memory and are short term oriented. In the short term, central banks can manipulate the markets and win back investor confidence.
Gold and precious metals are being affected by a combination of the US dollar and crude oil prices. The volatility in currency markets has resulted in fall in gold open interest in TOCOM which should rise over the coming weeks. Technically, gold, copper and crude oil have room for further gains, while silver is in a neutral zone. Indian are celebrating the festival of Rakhi. Goold demand will rise from today till the close of the year. Excellent returns from Indian stocks so far in 2007 will result in some of the extra income diverted towards physical gold.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
119.00
121.20
124.00
127.20
130.60
132.40
136.60
138.80
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
As long as 124 holds, it can target 136.30 and 143.05 over the coming weeks.
SILVER -- DECEMBER FUTURE
Silver targets $1251 and $1281 this week as long as $1176 holds. Consolidated fall below $1176 will result in $1155 and $1136.
COPPER -- DECEMBER
Copper needs to break $344.60 for $351.60 and $361.30. On the lower side $332 is the initial support with $318.10 as the key support.
NYMEX CRUDE OIL --FUTURE
There are buyers below $70, needs to brea $73-$75 for gains.
Happy Profitable Trading
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