Latest Headlines

Search

-- Posted Monday, 29 October 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $794.20				COMEX SILVER -- DEC FUTURE -- $1439.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $780.50 -- $812.00				SILVER  DEC   -- $1409.0 - $1500.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $350.00 - $374.70				NYMEX CRUDE OIL   - $90.20 - $96.60
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
$765.40	$774.70	$782.10	$789.50	$800.90	$803.90	$813.20	$820.55
GENERAL MARKET CONDITIONS
Gold will fall if the Fed cuts interest rates by quarter of a percentage as the same has been factored in by the markets. Only if the Fed cuts interest rates as well as discount rates by quarter of a percentage or cuts interest rate by half a percentage that gold and crude oil will rise. The Fed will like to see that equities rise and that they may not surprise the markets by not cutting interest rates. Mr. Bernanke will ensure that stable conditions exist which promotes carry trades.
How long can the world tolerate high energy prices and a weaker US dollar? In the long term high energy prices and a weaker dollar is here to stay. It's all about the pace of rise of crude oil and pace of fall of the US dollar. European central bank is just focused on inflation and is using euro's gains to control inflation. At this pace of gains euro can rise between 1.50-1.54 towards the close of the year.  European business and consumer confidence will get affected over the next few months. ECB may surprise the markets with an interest rate cut in december.
I am more of silver bull than a gold bull and hopefully silver will now overtake gold and the pace of rise will be faster than gold. Copper will also remain firm.
DAILY TRADING STRATEGY
Buy on dips strategy stop loss below $778 target $803 and $820. Only if the stop loss is expect further losses in gold december. Silver buy on dips stop loss below $1410 target $1500 and $1550
GOLD -- DECEMBER FUTURE
Gold targets $842 and $878 as long as $768 holds. Only a daily close below $768 will result in $750 and below.
NYMEX CRUDE OIL --  FUTURE
As long as $87.60 holds crude oil wil, edge past $100 for $125. But markets will be looking for news so that they can book some profits.
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, 29 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: chintan@insigniaindia.com

Previous Articles by Chintan Karnani, Insignia Consultants

© 1995 - 2008

Disclaimer