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-- Posted Thursday, 4 October 2007 | Digg This Article

EXPECTED TRADING RANGE
GOLD DECEMBER   -- $714.70 -- $744.00				SILVER  DEC   -- $1311.0 - $1375.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $362.40.00 - $382.70				NYMEX CRUDE OIL   - $76.40 - $81.20
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SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,258.00	$1,284.00	$1,311.00	$1,331.00	$1,349.00	$1,374.00	$1,406.00	$1,430.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$353.60	$357.30	$362.50	$369.50	$380.80	$386.10	$402.60	$415.00
GENERAL MARKET CONDITIONS
Profit taking ahead of the European central bank meeting and bank of England meeting and tomorrow’s September payrolls number has resulted in gold and silver falling and the US dollar gaining. There is a slight possibility that the bank of England may surprise the markets with an interest rate cut while the ECB may soften its stance on interest rate. It’s all about the US dollar for precious metals as well as energies. Any significant gains for the US dollar will result in short term correcting in precious metals and energies while maintaining the bullish direction intact.
Some of the Opec members have been saying in the past that it’s speculators that is driving crude oil prices. If the state wants, they crush the speculators even in a free market. However if the state are the speculators who can crush them. Higher cruide oil revenues have resulted in crude oil producing nations investing in every part of the globe. Crude oil has already given a return of nearly percent this year. For the day precious metals can fall further. They need to break this weeks high for further gains.
MCX -- LEAD OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
131.00	134.80	138.00	141.90	145.20	147.90	150.60	159.30
MCX -- LEAD OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
The most bullish among the base metals, can rsie to 150 and 159.30 over the next few weeks as long as 134.80 holds. But we caution against going too long at the current prices as lead could go the nickel way.
SILVER -- DECEMBER FUTURE
$1311 is the key support. Only a daily close below $1311 will result in $1275 and $1257. Upside remains limited to $1374 and $1406.0
COPPER -- DECEMBER
Copper needs to break $375-380 technical congestion for $400. Till then there will be more sellers than buyers. Initial support at $362.50 and key suupport at $343.80
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 Thursday, 4 October 2007 | Digg This Article

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