MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
For Intra Day Updates, visit www.insigniaconsultants.in -- "Free Reports"
GOLD DECEMBER TECHNICAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$686.80
$691.90
$695.20
$701.20
$709.10
$719.10
$722.20
$726.60
GENERAL MARKET CONDITIONS
Some of the gold traders were caught napping last week as it edged past $700, finally. Technical breakout apart from safe haven buying due to collapse of paper instruments resulted in greater investment interest in gold.Silver, nothing official about last weeks rise, but still failed to get its due as it gets chopped between rise in precious metals and fall in base metal prices. Energies crude oil continues to trade firm ahead of the Opec meeting. Opec is desperately to ensure higher prices despite a possibility of reduction in 2007 global growth. Crude oil is more about refining capacity than raw crude oil production. So, even if Opec does not raise crude oil production, it will not have much of an impact on crude oil prices. There should be a correction in crude oil after the Opec meeting this week and it will be technical play.
Gold has gained due to safe haven buying. As and when fear over the medium term performance of equities settle down, gold could correct. The key to gold prices will be the US dollarand crude oil prices (apart from safe haven demand). If either of the two change direction, volatility will increase unlike a two way movement.
We have the Fed meeting and bank of Japan meeting this month, rest of the major event risk are over. Precious metals and base will be dictated by the equity markets and bond yields for the rest of the week. The slump in Japanese economy in April to June quarter will prevent bank of Japan from raising interest rates for the rest of 2007.
Technically gold and silver are bullish and have room for gains. There could be profit taking at higher levels which will add to the volatility.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
107.90
111.10
114.80
116.20
118.30
120.40
122.00
125.60
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
This week is the key for zinc. Techncaly there is still room for losses. There could be loss booking if zinc continues to fall. It needs to flat over 120 to be in bullish zone. Key support at 111.10.
GOLD -- DECEMBER FUTURE
Gold needs to hold $709 for $719.10 and $725.80. On the lower side $698 is the initial support with $689.80 as the key support.
NYMEX CRUDE OIL --FUTURE
Crude needs to break $77-$80 jinx for gains to $86. On the lower side as long as $72.66 holds downside is 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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
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
Email: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com