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-- Posted Friday, 31 August 2007 | Digg This Article

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $674.20				COMEX SILVER -- DEC FUTURE -- $1199.0
	Lower	Expected	Higher		Lower	Expected	Higher
BUY	666.00	672.20	684.00	BUY	1155.00	1186.00	1228.00
SELL	669.70	681.00	691.00	SELL	1182.00	1216.00	1281.00
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
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
$311.70	$318.10	$322.60	$327.80	$337.00	$343.30	$346.30	$350.70
GENERAL MARKET CONDITIONS
In September we expect the US dollar to depreciate and gold and silver to rise with the successive lower base getting higher. Fundamentally as well as technically gold remains bullish, but upside will remain limited till gold does not break $690-$700. Silver may be vulnerable to further losses if it does not break $12.10.  In September Fed is expected to cut interest rates while the European central bank and bank of England are expected to abstain from raising interest rates. The US dollar is expected to weaken in September. The only risk to bullishness in gold and silver prices is that the underperformance of US economy has been factored and another slide in stock markets.
India's demand for gold in 2007 is likely to jump by 50 percent, from 2006, to record levels as lower prices lift buying interest. If realised, Indian gold demand would exceed 1,000 tonnes for the first time. Indian gold demand will prevent gold prices from falling.
US markets are closing early today. It will be another day of consolidation. Trading volumes will rise from next week which will reduce the current volatility in currency markets as well as commodity markets.
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	124.40	129.60	130.60	132.40	136.60
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.
GOLD -- DECEMBER FUTURE
Gold needs to hold $667.70 to prevent a fall to $660.0 and $654.90. On the higher side $677.20 is the resistance with $683 as the key resistance.
SILVER -- DECEMBER FUTURE
Silver needs to hold $1176 and $1155 to target $1206 and $1222.  Expect higher volatility to continue in silver.
COPPER -- DECEMBER
Needs to hold $335.90 for $343 and $350. Support at $327 and $322
Happy Profitable Trading
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 Friday, 31 August 2007 | Digg This Article

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