-- Posted Friday, 21 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $732.70 -- $755.00				SILVER  DEC   -- $1320.0 - $1392.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $348.40.00 - $366.70				NYMEX CRUDE OIL   - $78.20 - $83.20
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GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$719.00	$728.60	$732.00	$739.60	$745.50	$754.00	$761.00	$771.30
GENERAL MARKET CONDITIONS
Silver finally has been doing some catch with gold as it rises. Silver has been the underperformer in the precious metals space as it has to break 2007’s high. Technically as well as fundamentally silver has more potential to rise than gold. Silver’s use in clean air technology should result in deficit over the new few years and greater investment interest.  Gold got a boost on speculation that oil-rich Persian Gulf states kept a spotlight on the possibility of foreign governments turning against dollar reserves and, by extension. Short sellers in gold and silver have started covering their positions in Indian commodity markets. Gains in Indian rupee prevented gold gains. Indian demand is not spectacular at the current prices. However there will be huge physical demand on any ten to twenty dollar fall.
September has been memorable for gold bulls like me. If gold continues to rise next week without a fifteen to twenty dollar correction, the fall will be greater. Gold is being supported by a weaker US dollar and higher crude oil prices. If the US dollar depreciates at the current pace, currency appreciation will be a cause of concern among central bankers. Central bankers are not concerned over gains in their currency as it is helping their reduce crude oil induced inflation. A effects of a weaker US dollar by way of positive US economic growth will result in temporary gains for the US dollar and a correction in gold prices.
There is nothing news to comment. It’s a momentum market and momentum is . Technical indicators suggest that a correction is in the offing. One should look of signs of momentum fizzling out and then go short. Spot needs to break $752 for $787. It’s a weekend. Traders will either square off their positions or go long in metals as well as energies. Only the braveheart will go long.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
Zinc needs to hold 120 and break 124.75 for gains. It will be voaltile for the rest of the week. Bears will try ensure they zinc does not rise so that long get squared off.
GOLD -- DECEMBER FUTURE
Gold targets $754 and $787 as long as it floats over $726.60. A consolidated fall below $726 will result in $722 and $714.0
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 Friday, 21 September 2007 | Digg This Article

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