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-- Posted Monday, 8 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $747.50				COMEX SILVER -- DEC FUTURE -- $1354.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $732.50 -- $759.00				SILVER  DEC   -- $1318.0 - $1398.00
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
$726.20	$730.40	$737.10	$744.00	$749.20	$754.60	$761.00	$766.20
SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,305.00	$1,314.00	$1,330.00	$1,346.00	$1,356.00	$1,381.00	$1,406.00	$1,439.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$351.20	$355.90	$360.60	$364.30	$372.20	$377.80	$382.60	$386.80
GENERAL MARKET CONDITIONS
Gold and silver were volatile but bullish last week. We tried both a “Sell on rise strategy” as well as “Buy on dips” strategy”. However if a trader indulged in buy on dips strategy last week, his profits would have been multiple times higher than a trader who used a sell on rise strategy. This is a fact and I cannot deny the fact. Base metals were the safest in the previous week and were a safe bet to trade. Lead continued to remain bullish. Copper, zinc and nickel were steady performers. Copper has the uncanny habbit of forming a consolidation phase and then a break out. I did rather stay away from Aluminum. Zinc and Nickel should break out from the current trading range.
Commodity currencies such as the Australian dollar and the loonie are expected to gain further with the Australian dollar expected to hit parity to the US dollar over the coming week. There is a an inherent relationship between the Australian dollar and commodity prices and that gains will prevent precious metals from falling. Gold and silver are technically bullish but will be vulnerable to losses.
MCX -- LEAD OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
132.30	135.80	140.20	143.40	147.90	150.60	153.80	158.20
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 break $756-$758 for $767 and $787. On the lowe side as long as $726-$728 holds on closing basis, downside will be limited.
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 Monday, 8 October 2007 | Digg This Article | Source: GoldSeek.com

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