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-- Posted Wednesday, 5 September 2007 | Digg This Article

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SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,174.00	$1,198.00	$1,209.00	$1,134.00	$1,254.00	$1,274.00	$1,305.00	$1,330.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$304.50	$311.70	$322.30	$327.80	$338.30	$343.30	$346.30	$350.70
GENERAL MARKET CONDITIONS
Gold and silver yesterday had an impressive rally, in line with our expectations. However it remains to be seen whether they continue their gains for the remainder of the week. I am bullish on gold and silver, but history prevents my from being too bullish as they have disappointed me whenever I became too bullish. Till spot gold does not break $700, there will be sellers as gold nears $700.0. Silver once again gets caught between precious metals and base metals.
Base metals will take the maximum hit if there is any confirmation of a slowdown in US and eurozone. Globally economic growth has been decoupled from US but there will be a slowdown in net incremental demand of base metals which will reduce fund interest in base metal. Global base metals inventories are still very low. It’s only the speculative interest that driving base metals. In the short term base metals will be dependent on short term liquidity conditions. The best strategy for base metals is to keep on partial booking profits on all trades.
Laggards, specially Indian have started investing in gold and silver. Physical traders in India have also increased their inventory levels to meet demand. Unless equity markets fall remarkably gold will continue to trade firm today.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
114.10	117.80	120.30	122.30	124.80	127.60	129.60	132.10
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
Still in a bear zone and needs break and hold 130 for gains. Jobbers can use a sell on rise stratgey till 130 is not breached or buy around 122.30 and 120.0
SILVER -- DECEMBER FUTURE
Silver nearly met our intra day target of $1254 yesterday and consolidated break of $1254 will result in $1274 and $1305. On the lower side as long as $1209 holds in the short term, downside will be limited.
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 Wednesday, 5 September 2007 | Digg This Article

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