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Asian Metals Market Update for 17th September, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Monday, 17 September 2007 | Digg This ArticleDigg It!

EXPECTED TRADING RANGE

GOLD DECEMBER   -- $712.70 -- $728.00

SILVER  DEC   -- $1224.0 - $1305.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DEC   -- $332.40.00 - $346.70

NYMEX CRUDE OIL   - $75.20 - $80.60

 MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.

For Intra Day Updates, visit www.insigniaconsultants.in -- "Free Reports"

SILVER DECEMBER TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$1,209.00

$1,224.00

$1,248.00

$1,266.00

$1,295.00

$1,305.00

$1,314.00

$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

$340.00

$343.60

$347.00

$352.00

GENERAL MARKET CONDITIONS

 All eyes are on the Fed meeting tomorrow for a short term direction on the US dollar. Overall direction for the US dollar is skewed more towards the downside. Interest rates differentials and reemergence of carry trade will ensure that the US dollar continues to remain weak for the rest of the year. There will be corrections and pullback rallies which are a part of medium term bear phase for the greenback.

 

  There is still a degree of apprehension over the rise in gold prices. This has resulted in traders going short at higher levels. When their stop losses get hit, they convert their short’s into longs which adds to the price rise. This is the first signal of the next phase of rally in gold. In the beginning of any bull market, the above trading pattern is generally the case. One this gets over, gold will correct.

  Safe haven demand also stirred gold. Investment in gold has also increased (whether by way of futures or ETF) as investors prefer to play if safe till certainty returns globally. As and when safe haven status is withdrawn from gold,  prices will fall.Between September 2005 and May 2006, spot gold had risen from $550 to $730 in less than 9 months. History will be repeated in gold, but the pace of rise will be much slow and there will be sharp corrections in between while maintain the bullish trend with the successive lower base getting higher. Many Indian traders and jewelers may not agree with me.  However do not expect gold to rise to $850.0 in 2007.

 China and other central banks are yet to increase their gold reserves. Sooner than later they will start to diversify into gold which will add further impetus to gold prices. I once again repeat something which I have been repeating over the past few years “ the world is switching to a gold standard from a US dollar standard.

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

SILVER -- DECEMBER FUTURE

 Silver targets $1314 and $1354 as long as its floats over $1248. Falls below $1248 then $1224 and $1209.

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

 

 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, 17 September 2007 | Digg This Article


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:



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