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Asian Metals Market Update for 30th October, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 30 October 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $790.20

COMEX SILVER -- DEC FUTURE -- $1451.0

EXPECTED TRADING RANGE

GOLD DECEMBER   -- $780.50 -- $800.00

SILVER  DEC   -- $1429.0 - $1480.00

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.

COPPER DECEMBER  TECHNICAL LEVELS

SUPPORT

RESISTANCE

S1

S2

S3

S4

R1

R2

R3

R4

$337.70

$341.80

$350.60

$355.20

$364.20

$369.80

$374.30

$378.80

GENERAL MARKET CONDITIONS

Market expectation on the Fed interest rate decision keeps on changing. Yesterday there was speculation that the Fed may not raise interest rates at all, however they may succumb to market pressures and cut interest rates by a quarter of a percentage. Over the past few years, most of the central banks have used gradual easing or tightening policy as against a one off or two off interest rate cuts/hikes. Trickle down effect of September rate cut will take time.

 

The US dollar has fallen like a pack of cards against almost all the currencies since September interest rate cut. Other central banks are looking at options on ways and means to prevent their currency from major gains against the US dollar. The ECB may not hike interest rate next week. Indian has taken measures to prevent excess foreign flows into the stock markets. Other Central banks will try and do the same. Once this happens the pace of US dollar decline will be orderly and there will be a technical correction.

Base metals are finding sellers at higher levels and failure to edge higher will result in losses. Zinc specially is not out of the woods as there are more longs at higher levels than shorts.

COPPER -- DECEMBER

Copper needs to break $365-$370 zone for further gains to $380 and failure to do the same by Friday will result in a slide to $326 and below.

NYMEX CRUDE OIL --  FUTURE

As long as $87.60 holds crude oil will, 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 Tuesday, 30 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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