-- Posted Thursday, 25 October 2007 | Digg This Article | Source: GoldSeek.com
GOLD
SILVER
COMEX GOLD DECEMBER FUTURE -- $767.50
COMEX SILVER -- DEC FUTURE -- $1368.0
EXPECTED TRADING RANGE
GOLD DECEMBER-- $748.50 -- $777.00
SILVERDEC-- $1333.0 - $1400.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC-- $337.00 - $362.70
NYMEX CRUDE OIL- $85.80 - $90.60
MCX traders can SMS their Name & Telephone to 9311139549 for a free trial.
GOLD DECEMBER TECHNICAL LEVELS
SUPPORT
RESISTANCE
S2
S3
S4
R1
R2
R3
R4
$746.40
$756.40
$759.10
$765.00
$772.20
$777.20
$784.60
$791.20
GENERAL MARKET CONDITIONS
Gold can rise by another $50 very quickly from the current prices if the Fed cuts interest rates next week and US dollar continues to fall and crude oil floats breaks and floats over $90. Unless the US dollar gains and crude oil prices, there will be greater investment demand in gold with the successive lower base getting higher in gold. Silver will rise and outperform gold. It is just testing our patience and nothing else.
Copper, Zinc have fallen on continued rise in LME inventories. A short term bottom should be formed by next week and they should edge higher. Lead has fallen due to reduction of speculative interest. Lead is the most bullish base metals and one should use any ten percent decline to invest for the medium term. If global growth slows, the pace of rise of base metals will slowdown also.
Overall gold is bullish and silver; better to remain on the sidelines. They will sing the crude oil tune. Copper is in a neutral zone and Friday's close will be important.
GOLD -- DECEMBER FUTURE
Gold needs to float over $765 and break $772-$777 for $787. On the lower side as long as $756 and $747 holds, downside will be limited.
NYMEX CRUDE OIL --FUTURE
Targets $90 and $93 by next week. On the lower side as long as $84.90 holds downside will be limited.
Happy Profitable Trading
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-- Posted Thursday, 25 October 2007 | Digg This Article | Source: GoldSeek.com
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