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-- Posted Wednesday, 17 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $768.60				COMEX SILVER -- DEC FUTURE -- $1378.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $758.50 -- $780.00				SILVER  DEC   -- $1348.0 - $1412.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $357.40.00 - $380.70				NYMEX CRUDE OIL   - $80.20 - $85.60
MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$735.40	$748.10	$757.60	$763.60	$775.60	$783.30	$794.40	$801.60
GENERAL MARKET CONDITIONS
Crude oil is the main driver for gold, silver and all the metals. Speculative interest in crude oil has been on the rise on expectations that Turkey could attack Northern Iraq and expectations that US crude oil inventory levels will not be to meet peak winter demand. Crude oil prices are nearing $90 a barrel and if US weekly inventories falls significantly crude oil will near $100 a barrel in October.  Higher crude oil prices will only prevent gold from falling.
Metals were volatile. Day traders incurred losses by buying as well as selling. Stop losses were hit. Managing risk is the key in two-way markets. Technical supports and resistances are tested and breached only to recover thereafter. I would rather prefer to buy/sell over/under key supports and resistances and use higher stop losses to prevent stop losses from being hit.
Overall trend is still bullish for gold and it's better to play with the momentum. However traders are booking profits quickly in anticipation that a trend reversal can happen any time.
GOLD -- DECEMBER FUTURE
A break of $772 will result in $787 and $800. On the lower side as long as $748.10 holds downside will be limited in the short term.
SILVER -- DECEMBER FUTURE
Silver needs to break $1412 or hold $1348 else it will continue to trade in this wider range.
NYMEX CRUDE OIL --  FUTURE
Crude oil needs to hold $86 to target $89.85. On the lower side as long as $82.80 holds, downside will be limited.
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 Wednesday, 17 October 2007 | Digg This Article | Source: GoldSeek.com

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