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-- Posted Friday, 5 October 2007 | Digg This Article

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $743.40				COMEX SILVER -- DEC FUTURE -- $1351.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $726.50 -- $754.00				SILVER  DEC   -- $1311.0 - $1388.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $362.40.00 - $382.70				NYMEX CRUDE OIL   - $77.40 - $83.20
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GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$714.10	$723.20	$728.90	$732.10	$739.80	$744.00	$752.50	$757.90
GENERAL MARKET CONDITIONS
Gold continues to be dictated by a combination movement in the US dollar and crude oil prices. Gold had fallen yesterday because both the US dollar gained and crude oil prices fell. When the reverse happened, gold gained. Gold got further buoyed after Qatar announced  that their government backed Investment Authority only holds 40% of its investments in US dollars down from 99% two years ago.  Vietnam also announced that they will be ending their purchases of US dollars.  Although they only have $40 billion worth of reserves, their action raises fears that other Asian central banks like China, Korea, Taiwan or Singapore could follow suit.
If central banks are diversifying away from the US dollar into gold and non dollar assets, it's high time retail investors who have yet to diversify think and start investing in gold on any five to ten percent fall from the current prices. Central banks portray a macro picture while retail investors micro picture. For the day, its all about overhyped US september payrolls. Technically gold and silver are bullish.
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 to long at the current prices as lead could go the nickel way.
GOLD -- DECEMBER FUTURE
Gold needs to close over $734.50 today so that it can target $787 over the next fortnight. A close below $734.50 will result in $726.50 and $714.50 next week.
NYMEX CRUDE OIL --  FUTURE
Crude oil needs to break $83-$84 for gains. Support at $76.60 and $73.90
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, 5 October 2007 | Digg This Article

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