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-- Posted Tuesday, 23 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $761.40				COMEX SILVER -- DEC FUTURE -- $1358.0
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.
SILVER DECEMBER TECHNICAL LEVELS
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
GENERAL MARKET CONDITIONS
Expectations of an interest rate cut by the Fed, is increasing as we near the same. Last time Fed cut interest rates in September gold had risen over $50. If Fed cuts interest rates by even quarter of a percentage gold will rise by another $50 from the high's. Silver will be able to break $14.40-$15.50 zone and edge higher. Copper and other base metals will benefit from a weaker US dollar. Crude oil prices will be the key after the Fed meeting.
If the Fed does not cut interest rates or discount rates but gives a softer comment on US economy, initially gold and silver may fall but physical and investment demand at lower levels will prevent prices from a major slide. A correction of three percent to four percent in gold prices if the Fed does not cut interest rates could be there.
These are just the possible scenario's and we need to wait and watch for the outcome of the Fed meeting. Overall bullish trend remains intact for bullion.
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.
GOLD -- DECEMBER FUTURE
As long as gold holds $748 on closing basis, there is every possibility of $777 and $800 in the short term.
SILVER -- DECEMBER FUTURE
As long as silver holds $1320-$1330 on closing basis, there is every possibility of $1410 and $1460 in the short term. A daily close below $1320 will result in $1275 and $1248.0
NYMEX CRUDE OIL -- FUTURE
As long as $83.20 holds there is every possibility of $90.0 and $95 in the short term. Falls below $83.20 then $78.80 is the target.
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 Tuesday, 23 October 2007 | Digg This Article | Source: GoldSeek.com

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