-- Posted Tuesday, 11 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $695.70 -- $725.00				SILVER  DEC   -- $1248.0 - $1305.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $322.40.00 - $338.70				NYMEX CRUDE OIL   - $75.20 - $80.60
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SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,206.00	$1,224.00	$1,248.00	$1,256.00	$1,292.00	$1,305.00	$1,330.00	$1,345.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$294.00	$311.90	$319.70	$321.70	$326.90	$332.10	$338.50	$343.60
GENERAL MARKET CONDITIONS
Crude oil and energies are market movers ahead of the Opec meeting. Crude oil is nearing $80 a barrel and looks for further gains. Opec is desperately to seek susan. The susan is higher oil prices in wake of a weaker US dollar and possibilities of a slowdown in global growth. Crude oil has been one the best performing and least risky investment in the commodity space as it has risen nearly sixty percent from the low’s of $50 a barrel. The trend so far has been bullish. Crude oil is nearing $80, inspite of lack of major hurricanes in the Gulf of Mexico. Crude oil will see a cyclical reduction in demand from mid September to mid December. The current price rise is also due to US refining problems which should ease as inventories rise. The US mortgage industry is expected to near 1,000,000 people jobless. That’s a large number which will have a short term on US retail demand. Even if the Fed cuts interest rates, all of them will not be employed immediately. Crude oil’s fall can be as swift as the rise from the current levels.
Copper and other base metals are trading with a softer bias. Global inventories are still low which will result in value based buying at lower levels. Only if China shows signs of a slowdown that base metals se another bout of selling. There could be short covering in base metals ahead f the Fed meeting. Base metals are following the equity markets at the moment and will continue to do the same for the rest of the week.
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.
DAILY TRADING STRATEGY
Buy gold december on dips stop loss $698 OR sell over $719 and $725 stop loss $721 and $728. If either of the stop loss is hit expect further movement. Buy silver December stop loss $1248
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
104.60	107.90	109.20	111.10	114.80	116.20	118.30	120.40
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
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.
SILVER -- DECEMBER FUTURE
Silver targets $1307 as long as $1248 holds. Consolidated fall below $1248 will result in $1234 and $1212. In the short term as long as silver holds $1209, downside is limited.
COPPER -- DECEMBER
As long as copper holds $311.90, it will trade in $311-338 range. A consolidated rise over $338 will result in $343 and $350.
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 Tuesday, 11 September 2007 | Digg This Article

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