-- Posted Friday, 14 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $700.70 -- $724.00				SILVER  DEC   -- $1224.0 - $1305.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $322.40.00 - $338.70				NYMEX CRUDE OIL   - $75.20 - $80.60
MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$695.20	$701.20	$707.10	$712.10	$719.10	$722.20	$726.60	$737.00
SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,186.00	$1,209.00	$1,224.00	$1,248.00	$1,277.00	$1,292.00	$1,305.00	$1,330.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$319.70	$321.70	$326.90	$332.10	$339.10	$343.60	$347.00	$352.00
GENERAL MARKET CONDITIONS
Risk aversion is over and carry trade seems to have restarted as gold and silver fell and base metals rise. As the hue and cry over a US slowdown settles down, precious metals will see a technical correction while maintaining the bull trend intact. There a lot of traders and investors who are waiting to see whether spot gold breaks $730. Till spot gold does not break $730, there will be sellers at higher levels in the short term. Gold is being supported by a weaker US dollar and higher crude oil prices. If either of direction change, gold and silver will fall. Silver continues to disappoint as it gets chopped between precious metal and base metal.
If global economy slows down, why should base metals and crude oil rise. At the moment LME stocks are still at very low levels. Once inventories start to build up, base metals should fall. At the moment a weaker US dollar is boosting base metals. Base metals will be volatile for the next few weeks. There is a debate whether global growth world can decouple from a US economic slowdown. In Indian infrastructure is still not good. India has to invest huge amount in infrastructure for growth. Chinese economy is dependent on exports, whether its is to US, India or any other nations. Any hints of a slowdown in US economy will affect Chinese exports and cool demand for base metals. Base metals are rising due to Chinese demand which should fall over the next few months.
For the day, all eyes will be on the US retail sales for direction. All the bad news has been factored. If they come in better than expected, the US dollar could which will adversely affect gold and silver. Further markets will be looking forward to the Fed meeting next for a direction on US interest rates.
DAILY TRADING STRATEGY
It’s a sell on rise strategy till gold does not break $726. Buying is recommended near $708 with a stop loss f $705. if stop loss is hit then gold can fall to $692 and $686. Silver december, a sell on rise strategy till $1295 and $1311 is not breached. Buying near $1248 and $1224.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
107.90	109.20	111.10	114.80	118.30	120.40	122.00	125.60
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
Only a break of 120 will result in gains to 122. Support at 114.80 and 109. There are huge long positions over 120.0 which are yet to be squared off
GOLD -- DECEMBER FUTURE
Gold needs to close over $709 to target $726 and over next week while failure to close over the same will result in $700 and $692.
SILVER -- DECEMBER FUTURE
Silver needs to close over $1249 to prevent a fall to $1200 next week. On the higher as long as $1311 is not breached, upside will be limited.
COPPER -- DECEMBER
Copper needs to float over $339 for $343 and $350. On the lower side $332 and $327 are the support.
NYMEX CRUDE OIL --  FUTURE
Crude needs to break $80.60 jinx for gains to $86. On the lower side as long as $77.60 holds downside is limited.
Happy Profitable Trading & Have a great weekend
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, 14 September 2007 | Digg This Article

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