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-- Posted Monday, 22 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $760.50				COMEX SILVER -- DEC FUTURE -- $1349.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $748.50 -- $777.00				SILVER  DEC   -- $1311.0 - $1400.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $344.00 - $368.70				NYMEX CRUDE OIL   - $88.20 - $92.60
MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,282.00	$1,298.00	$1,313.00	$1,332.00	$1,364.00	$1,383.00	$1,394.00	$1,412.00
COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$326.90	$337.70	$341.80	$350.60	$355.20	$359.70	$364.20	$369.80
GENERAL MARKET CONDITIONS
The G7 meeting did not comment on the continuous slide of the US dollar. They instead made China a scapegoat for all their currency woes. They also said that global economic growth would slow as a result of US credit scarce. In the short term, the US dollar may fall against the major's but in the medium term to long term when the lagging effects of higher crude oil start affecting eurozone and other economies, the US dollar will gain as central banks start cutting interest rates.
It will be a volatile week and crude oil prices will be the key for gold and metal prices. Markets will be waiting for the Fed meeting next week. There will be position squaring and rebuilding ahead of the Fed meeting. Indian gold demand will rise at lower levels, as Diwali is just three weeks away.
Silver could be compared to a tower of cards while gets blown up very quickly. If gold and crude oil either of them falls it crashes. Still a very safe metal to trade, even safer than gold.
MCX -- NICKEL OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1,190.00	1,224.30	1,248.70	1,267.40	1,301.00	1,312.00	1,336.00	1,354.00
MCX -- NICKELOCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
Volatility will rise this week and needs to break 1354-1360 or hold 1224  for further moves to 1400/1151.
SILVER -- DECEMBER FUTURE
Silver needs to hold $1300-$1310 to prevent a fall to $1275 and $1254. On the higher side there are sellers between $1375-$1410.
COPPER -- DECEMBER
Copper can fall to $344 and $326 if it fails to break $359-$364 zone.
NYMEX CRUDE OIL -- FUTURE
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 Monday, 22 October 2007 | Digg This Article | Source: GoldSeek.com

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