-- Posted Thursday, 18 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $765.40				COMEX SILVER -- DEC FUTURE -- $1379.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $754.50 -- $774.00`				SILVER DEC   -- $1348.0 - $1412.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $354.40.00 - $368.70				NYMEX CRUDE OIL   - $86.20 - $92.60
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GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$735.40	$748.10	$754.00	$760.20	$768.80	$772.20	$779.20	$783.30
GENERAL MARKET CONDITIONS
It's just a consolidation phase in gold and silver before the next move. Crude oil prices are not showing any signs of falling. Turkish parliament approved attack on Kurdish rebels in Northern Iraq which has resulted in punters betting on $100+ crude oil prices in the short term. In 2006 when there was a clash between Israel and Hezbollah militants of Syria, crude oil prices were expected to cross $100, which it did not.
This time around its different as the US dollar has been ripped apart and Northern Iraq is the key supplier of crude oil to Europe. Global liquidity is much higher than 2006 after all the central banks injected billions and trillions in August 2007. The probability of crude oil crossing the century mark and floating over the same is higher than 2006. As long as crude oil remains firm gold will also trade firm.
There has not been any profit taking in any major currency except the yen ahead of the G7 meeting. The US dollar could weaken further after G7 meeting as markets prepare for the Fed meeting near Haloween.
GOLD -- DECEMBER FUTURE
Failure to break and hold $772 by tomorrow will result in fall to $748 and below. While a break $772 will result in $787+
NYMEX CRUDE OIL --  FUTURE
Options barriers is preventing a break $90. Once there is a firm break of $90 then 92.80 and $97.30 are the targets. At higher levels the risk to return ratio will be skewed in favour of medium term short sellers.
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, 18 October 2007 | Digg This Article | Source: GoldSeek.com

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