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-- Posted Monday, 24 September 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $732.70 -- $755.00				SILVER  DEC   -- $1340.0 - $1404.00
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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SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,305.00	$1,320.00	$1,346.00	$1,358.00	$1,388.00	$1,406.00	$1,439.00	$1,456.00
GENERAL MARKET CONDITIONS
US dollar is getting weaker day by day. Expectations of further interest rate cut by the Fed has resulted in the greenbacks losses. Central globally are inflation sensitive and not worried over their currency gains against the US dollar. A strong currency will have a lagging effect by way of lower exports and higher imports and job losses in the export sector. Once this starts to have a trickle down effect on any country, then only central banks intervene and push for their currency weakness against the US dollar. Every country’s exports has a strong competition with China and Indian exports are getting hurt as a result of a strong currency.
The worst is getting factored in by the markets over the health of the US economy. Any piece of better than expected US economic growth will result in gains for the US dollar. The current weakness in the US dollar is short term and last for a fortnight before a correction. As long as the US dollar continues to weaken gold and silver will trade firm while base metals will be volatile.
There is nothing news to comment. It’s a momentum market and momentum is bullish . Technical indicators suggest that a correction is in the offing. One should look of signs of momentum fizzling out and then go short. Spot gold needs to break $752 for $787.
MCX -- ZINC SEPTEMBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
109.30	111.60	113.20	115.30	119.00	121.00	122.90	124.00
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.
SILVER -- DECEMBER FUTURE
Silver targets $1400 and $1430 as long as it floats over $1340.0. Consolidated fall below $1340 then $1320 and $1300
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 Monday, 24 September 2007 | Digg This Article

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