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-- Posted Tuesday, 9 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $737.0				COMEX SILVER -- DEC FUTURE -- $1330.50
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $723.50 -- $752.00				SILVER  DEC   -- $1310.0 - $1374.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $350.40.00 - $368.70				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
$1,168.00	$1,292.00	$1,311.00	$1,330.00	$1,349.00	$1,356.00	$1,381.00	$1,406.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$344.40	$351.90	$355.90	$357.80	$364.30	$372.20	$377.80	$382.60
GENERAL MARKET CONDITIONS
Short term investment in gold at $750 may not be one of the best investment decisions as the upside risk over $750 will be ten percent and the chances of a pullback as gold rises over $800 increases. This is preventing gold from breaking $750. Investors are cautious. Even I will be cautious in going long in gold in the short term despite looking at the markets 24X7. For the long term with a two to three year period, gold is an excellant investment and one can invest in dips. We expect gold to rise and the US dollar to depreciate till January 2009 and thereafter we will be cautious. The prime reason is that I cannot forecast who will be the succesor of US president Gerorge Bush and what will be his policies. The world will have a new leader after ten years.
Base metals and energies fell across the board on profit taking. Base metals had risen on expectations of Chinese demand. Chinese are no fools, that you jack up the prices and they will by oblige buy buying metal at higher prices. US dollar depreciation benefits Chinese economy the maximum. Indian month long festival season will begin ths week. Indian markets are flooded with cheap and affordable chinese goods. Even firecrackers are now made in China. There has been an increase in the number of traders from India visiting China. These traders scout for goods that can be sold in India in large volumes and import them. Further a stronger Indian rupee support their cause. If it's happening in India, its happening in every part of globe.
Gold and silver be volatile. They needs to break the high'd created on the last fortnight for gains else they expect further losses. It's more of a US dollar collpase story for gold. Energies, I have been writing that I am not a buyer in crude oil over $80.0 and I maintain that view.
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 rise 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.
SILVER -- DECEMBER FUTURE
Silver needs to break and cllose over 200 day MA of $1348.90 to be in bullish zone and target $1358 and $1375. On rthe lower side 100 day MA of $1310.10 is the key support, a fall below the same will result in $1275
COPPER -- DECEMBER
Copper fell after failure to break technical congestion of $375-$380 and can test 200 day MA of $344.20. A close below $344 will result in $327 and $316.50
NYMEX CRUDE OIL --  FUTURE
Crude oil has a key support at 100 day MA of $72.82 and only a daily close below $72.82 will result in further losses. On the higher side it needs to break $83-$85 for gains.
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 Tuesday, 9 October 2007 | Digg This Article | Source: GoldSeek.com

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