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Asian Metals Market Update for 18th October, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 18 October 2007 | Digg This ArticleDigg It! | 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

 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

$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


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
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