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-- Posted Monday, 10 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $695.70 -- $722.00				SILVER  DEC   -- $1248.0 - $1305.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $316.40.00 - $332.70				NYMEX CRUDE OIL   - $73.20 - $77.20
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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 dollar  and 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 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 Monday, 10 September 2007 | Digg This Article

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