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-- Posted Tuesday, 30 October 2007 | Digg This Article | 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

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