-- Posted Wednesday, 7 November 2007 | Digg This Article | Source: GoldSeek.com
GOLD
SILVER
COMEX GOLD DECEMBER FUTURE -- $832.8
COMEX SILVER -- DEC FUTURE -- $1577.0
EXPECTED TRADING RANGE
GOLD DECEMBER-- $812.50 -- $854.00
SILVERDEC-- $1516.0 - $1634.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC-- $332.00 - $348.70
NYMEX CRUDE OIL- $93.20 - $102.60
“SMS alert” for MCX and Comex also available to subscribers (India and Dubai traders)
"A VERY HAPPY DIWALI TO ALL"
GOLD DECEMBER TECHNICAL LEVELS
SUPPORT
RESISTANCE
S2
S3
S4
R1
R2
R3
R4
$803.90
$813.20
$820.55
$824.60
$841.80
$852.80
$859.20
$874.00
GENERAL MARKET CONDITIONS
Which is a better long term investment, gold or silver? Obviously silver? How? In 2004, had I invested in silver, silver prices in Indian rupee was around INR 8500-INR 9000 per kilogram. In 2007, now it is over INR 20,000 per kilogram. That’s a return of nearly one hundred and fifty percent. In 2004, gold prices were at INR 5700-INR 5800 per ten grams. In 2007 it is INR 10550 per ten grams which a meager eighty five percent rise. Silver investment returns have exceeded gold by more than fifty percent in Indian rupee terms. I am writing this as today is Dhanteras in India and it has been my family tradition to buy either gold or silver every year on Dhanteras and yesterday I was checking the returns which made me realise this. This trend will continue into next Diwali also.
The might of the US dollar has now become the plight of the US dollar as it continues to shag against the major currencies. The US dollar's plight is like US soldiers fighting Iraqi insurgents. Australian central bank raising interest rates and if the European central bank raises interest rates the plight of the greenback will not end.
As long as energy prices rise and US dollar falls precious metals will remain firm.
GOLD -- DECEMBER FUTURE
December end price target increased to $950-$965 as long as $770 holds on weekly closing basis.
COPPER -- DECEMBER
Copper targets $346 and $354 as long as $326 holds.
HAPPY PROFITABLE TRADING
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-- Posted Wednesday, 7 November 2007 | Digg This Article | Source: GoldSeek.com
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