-- Posted Wednesday, 24 October 2007 | Digg This Article | Source: GoldSeek.com
GOLD
SILVER
COMEX GOLD DECEMBER FUTURE -- $763.0
COMEX SILVER -- DEC FUTURE -- $1364.0
EXPECTED TRADING RANGE
GOLD DECEMBER-- $748.50 -- $772.00
SILVERDEC-- $1333.0 - $1400.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC-- $344.00 - $362.70
NYMEX CRUDE OIL- $83.20 - $89.60
MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
For Intra Day Updates, visit www.insigniaconsultants.in -- "Free Reports"
GENERAL MARKET CONDITIONS
It's just a consolidation phase for gold and silver before the next move. Crude oil has fallen on profit taking while the US dollar continues to weaken on expectations of continued weakness in US economy. Its once back to the US dollar and energy prices for precious metals and only if they move in opposite direction that precious metal prices will fall, else expect greater volatility. Today's US weekly crude oil inventory numbers will be the key.
Physical demand in India for gold is low due to higher prices. Traders are keeping low inventory of gold and are hedging the same in commodity exchanges. Every one is sitting on the fence as they are scared of the force of gravity. As far as the MCX is concerned, as per our information most of the shorts in gold has been squared off. Traders are waiting for a correction before going long.
Volatility will rise and one needs to be flexible and buy on dips as well as sell on rise using higher stop losses. Silver will be more vulnerable to losses if gold falls.
SILVER -- DECEMBER FUTURE
Silver needs to break $1380-$1400 and further $1414 logjam for further gains, support at $1348, $1333 and $1309.0
Happy Profitable Trading
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-- Posted Wednesday, 24 October 2007 | Digg This Article | Source: GoldSeek.com
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