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-- Posted Monday, 12 November 2007 | Digg This Article | Source: GoldSeek.com

GOLD				SILVER
COMEX GOLD DECEMBER FUTURE -- $825.30				COMEX SILVER -- DEC FUTURE -- $1524.50
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $815.50 -- $850.00				SILVER  DEC   -- $1474.0 - $1610.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $306.00 - $332.70				NYMEX CRUDE OIL   - $92.20 - $97.60
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COPPER DECEMBER  TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$299.00	$301.00	$308.00	$311.00	$316.70	$326.40	$332.70	$337.00
GENERAL MARKET CONDITIONS
The US dollar dumping is here to stay. As a foreign exchange consultant we are advising clients not to bill their exports in US dollars-Indian rupee, instead go for euro. Sterling or the Canadian dollar which have not gained much against the Indian rupee. Exports are getting hit. Infact have of the small garment exporters have stopped exports and moved into real estate business to cash in on the real estate boom in India. They used the factory land and office land as a start up. A stronger is hurting small exporters more than anyone else. These exporters use labour intensive techniques and therefore many of them have stopped exports. Apart from a stronger rupee, rising labour cost and other overhead cost have increased cost.
Gold has been rising at an average of $20 a week. If it continues with the same $1000 around new year and $1200 by March looks imminent. Gold’s rise is all about a weaker US dollar. The pace of greenbacks decline has been too swift which if it continues could result in euro/usd at 1.54 by January or February, sterling over 2.22 and yen nearing 100. So far these central banks have ignored their currency gains and unless they feel that growth in their region is not affected significantly, they will not interfere. It’s all judging the pace of decline of US dollar and pace of rise of gold.
However we continue warn against a correction of eight to ten percent from the new highs anytime without any reason as and when fund manager and investors book profit. Silver we do not expect spot silver to fall below $12.25 in the next three months.
COPPER -- DECEMBER
Copper needs to hold $298-$299 zone in short term for further losses. At lower levels, value based buying should come up and a bottom should be formed so that copper can retarget $346 soon.
NYMEX CRUDE OIL --  FUTURE
As long as $92 holds, downside will be limited and crude oil will target $100 once again.
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, 12 November 2007 | Digg This Article | Source: GoldSeek.com

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