-- Posted Wednesday, 29 August 2007 | Digg This Article

SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,119.00	$1,136.00	$1,155.00	$1,174.00	$1,222.00	$1,251.00	$1,281.00	$1,292.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$304.50	$311.70	$318.10	$322.60	$335.90	$343.30	$346.30	$350.70
GENERAL MARKET CONDITIONS
There is hardly anything new to comment on precious metals and base metals as they follow the stock markets and the US dollar. August is yet to be over and volatility has been high. Bulls and bears are having a great time as they slug it out. I believe, bulls will be the winner in September. Big daddy Fed is more concerned about inflation than economic growth in the minutes. The Fed meeting was in early August and probably there was lack of information. US inflationary expectations will fall over the coming weeks as the US dollar gained in August and crude oil prices are off the peak.
Gold and silver are being supported by demand at lower levels. Retail investors are buying physical gold and silver in India on expectations that prices will rise before Diwali in November. Jewellers are also buying at lower levels and preparing for the Indian festive season. There is demand at lower levels. In our view, the current fall and further fall in gold and silver prices are a good medium term investing opportunity. Nickel should get support after Rio Tinto increased iron ore prices. Lead is the most bullish base metal. But lead should go the Nickel way over the next two to three months. One should watch out such signs.
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)
Just tracking copper. If copper falls, zinc also fall and vice versa. Needs to break and hold 136.30 to be in bullish zone.  Buy is recommended around 124 and 121.20. Selling over 132-134.
SILVER -- DECEMBER FUTURE
Silver needs to hold $1176 and $1155 to target $1206 and $1222.  Expect higher volatility to continue in silver.
COPPER -- DECEMBER
Failure of copper to edge past $335.90 will result in $318.10. Breaks and hold $335.90 then $343.30 and $346.30 are the targets.
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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-- Posted Wednesday, 29 August 2007 | Digg This Article

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