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-- Posted Tuesday, 18 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $712.70 -- $739.00				SILVER  DEC   -- $1254.0 - $1314.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $332.40.00 - $346.70				NYMEX CRUDE OIL   - $77.20 - $82.60
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GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$701.30	$709.10	$712.00	$719.00	$728.60	$734.00	$739.60	$752.00
GENERAL MARKET CONDITIONS
Gold and silver have been gaining on safe haven status. Failure of North Rock in UK has resulted in investors getting nervous. UK is the financial hub for the currency trading as well as the hub for physical metals trading.  Other European companies could also have been affected, the names of which are yet to surface. The extent of fall out is not yet known. This is the most over-hyped Fed meeting over the past few years. Whether it is a twenty five or a fifty, equities may rise as a result of the cut. Investors may use the rise in equities to exit their longs.
Crude oil prices are at $81 a barrel on greater investment interest. Australia cut its crop forecast for wheat, canola and barley by 31% because of dry weather, exacerbating global shortages that have driven a surge in prices. Total grain output may be 25.6 million metric tons in the harvest starting October. That compares to its June estimate of 37 million tons and last year's drought-ravaged crop of 15.7 million tons. Commodity price inflation along with a lower base effect will result in higher inflation over the coming weeks globally. Countries other than US have their inflation reduced due to a strong currency.  Most of the central bankers are once again caught between the devil and the deep sea on balance between inflation and growth. 2008 and 2009 being major election years globally, growth will be focus and not inflation for the central bankers. Gold and other safe haven will attract more investments.
Traders and investors in India are hesitant to go long at the current gold prices due to past track record. However gold is not showing any signs of retracement. The overall sentiment for the US dollar is weaker which will prevent gold and silver prices from a major fall.
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
As long as gold floats over $712, downside risk is limited. On the higher side a consolidated break of $728 will result in $739 and $752.
NYMEX CRUDE OIL --  FUTURE
Crude oil targets $86 as long as it floats over $80.0. Key Support at 77.60
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, 18 September 2007 | Digg This Article

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