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Asian Metals Market Update for 29th August , 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Wednesday, 29 August 2007 | Digg This ArticleDigg It!

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.

 

Happy Profitable Trading

 

 MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.

For Intra Day Updates, visit www.insigniaconsultants.in -- "Free Reports"

 

 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 Wednesday, 29 August 2007 | Digg This Article


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
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