-- Posted Friday, 19 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $773.80				COMEX SILVER -- DEC FUTURE -- $1389.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $762.50 -- $780.00				SILVER  DEC   -- $1360.0 - $1412.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $344.00 - $368.70				NYMEX CRUDE OIL   - $88.20 - $92.60
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SILVER DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,309.00	$1,331.00	$1,360.00	$1,372.00	$1,400.00	$1,412.00	$1,426.00	$1,449.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$337.30	$344.40	$348.20	$351.10	$357.40	$363.00	$369.20	$373.80
GENERAL MARKET CONDITIONS
Safe haven demand has resulted in gold and crude oil rising. Deteriorating US economic conditions has lead to markets increasing the possibility of an interest rate cut by the Fed. Carry traders have taken a back seat as the US dollar weakens against every major currency including the yen. It has not yet been finished more is there to come with the successive lower base getting higher.
Higher crude oil prices will result in greater investment in alternate energy sources. Some of these technologies will be available to the man on the street. Ethanol blending with petrol will catch up fast with all the nations. The pace of rise of crude oil is unexpected and it’s difficult to call the top. Higher crude oil prices will affect every nations balance sheet including India. Caution is the need of the hour for energy traders.
Friday comes very quickly. Traders will either square off or go long. They will dare not go short for Monday. The G7 will not comment anything concrete to curb oil prices to prevent from dollar weakness.
SILVER -- DECEMBER FUTURE
Silver needs to break $1412 or hold $1348 else it will continue to trade in this wider range.
COPPER -- DECEMBER
Copper has to hold $356 to prevent a fall to $348.50 and $344.0. Only a break of $364 will result in further 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 Friday, 19 October 2007 | Digg This Article | Source: GoldSeek.com

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