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Asian Metals Market Update for 26th October, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Friday, 26 October 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $775.80

COMEX SILVER -- DEC FUTURE -- $1403.0

EXPECTED TRADING RANGE

GOLD DECEMBER   -- $765.50 -- $792.00

SILVER  DEC   -- $1378.0 - $1460.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DEC   -- $344.00 - $362.70

NYMEX CRUDE OIL   - $87.60 - $93.60

 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

$756.40

$759.10

$765.00

$772.20

$784.60

$791.20

$799.00

$807.00

GENERAL MARKET CONDITIONS

At this pace of rise crude oil can easily break $100 next week and target $125. Gold can break $800 for $850. Silver, the laggerd should target $15.50 soon. All news is positive news. US imposing new sanctions on Iran, escalation of tensions between Turkey and Iraq and Opec's hesitancy to raise crude oil production has acted as a further booster to high energy prices.

 

The culprit is the Fed following the "Zero Interest rate Policy" like the bank of Japan to boost US economy. Next week if the Fed cuts interest rates by 0.50%, then I believe the next interest rate cut will be in March. If the fed cuts interest rate by 0.25% then will continue with the same till March. The key question is what will be the top for energy prices and gold prices and what will be the bottom in the US dollar as October to March has traditionally been a US dollar bashing period. In a Free Money market, speculators can push energy prices to any levels and the state will not intervene.

Overall gold is bullish and silver should catch with gold, copper is in a neutral zone but has room for gains if other base metals support it.

MCX -- NICKEL OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

1,147.00

1,167.00

1,190.00

1,224.00

1,248.70

1,267.40

1,301.00

1,312.00

MCX -- NICKELOCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)

Nickel needs to break 1267 for 1300. On the lower side as long as 1190 holds, downside will be limited.

GOLD -- DECEMBER FUTURE

Gold targets $800, $830 as long as $760 holds. Only a daily close below $760 will result in $749 and below

NYMEX CRUDE OIL --  FUTURE

$90 target achieved, $93 and $100 are the next targets as long as $87 holds.

 

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, 26 October 2007 | Digg This Article | Source: GoldSeek.com


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email:



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