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-- Posted Thursday, 30 August 2007 | Digg This Article

GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$654.90	$660.00	$667.70	$670.40	$676.20	$681.60	$683.00	$686.80
GENERAL MARKET CONDITIONS
Gold and silver have withered the summer slam which should result in further gains in September. They were unnerved by the volatility equities and currency markets. Trading volumes will fall over the next two days as traders go a mini vacation. Silver and copper September future are expiring tomorrow which will result in consolidation phase. There are more longs in silver September than shorts. Copper September there is a balance between long and shorts.  Copper has been the least volatile and is trading in a trend.
Most of the companies have started lowering their third quarter guidance as they might get affected by credit squeeze. . This is the name of the game. First they will lower their guidance. Then the quarterly numbers will be much higher than expectations which will push up the scrip prices. Equity bulls have the blessing of Fed and other central banks. I just hope the blessing work wonders for them. As far as the Indian equity markets are concerned, they have bottomed out, but expect higher volatility.
Everybody is waiting for hurricanes in the Gulf of Mexico. So far not a single hurricane. Hurricane forecast may need to do some recalculations. US peak summer driving season will come to an end next week. After that US demand will be off the peak which could result in fall in energies. Natural gas looks attractive at such low level. But one should look at the spreads before investing.
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 AUGUST 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.
GOLD -- DECEMBER FUTURE
Gold needs to hold $670.40 to prevent a fall to $660.0 and $654.90. On the higher side $677.20 is the initial resistance with $683 & 688 as the key resistances.
Happy Profitable Trading
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-- Posted Thursday, 30 August 2007 | Digg This Article

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